### Educational Exercise: Quadratic Voting System**Scenario:**Assume that voting will be done using a quadratic voting system and that Garcia, Johnson, and Lee are each given $500 that can only be spent on purchasing votes (i.e., any unspent money has to be returned). - **Objective:** Determine how many votes each individual will purchase to support different public goods, specifically for national defense and the road. Fill in their votes in the table and answer the questions based on the data.**Table: Number of Votes Purchased by Each Voter for the Listed Public Projects**| Public Good | Garcia | Johnson | Lee ||----------------------------|--------|---------|-----|| National defense | | | 12 || Road | | 17 | || Weather warning system | | 0 | |**Instructions:** Enter your answers as a whole number.**Questions:**b. Across all three voters, how many votes are there in favor of each public good?- **Votes for national defense:** - **Votes for road:** - **Votes for weather warning system:** c. If a paired-choice vote is taken of national defense versus the road, which one wins?- (Click to select)d. If a paired-choice vote is taken of the road versus the weather warning system, which one wins?- (Click to select)e. If a paired-choice vote is taken of national defense versus the weather warning system, which one wins?- (Click to select)**Diagram Explanation:**The diagram above is a table that outlines the distribution of votes among the three voters. Each voter allocates votes to different public goods, indicating their preference based on a quadratic voting system. The task is to fill in the missing vote quantities for Garcia and interpret the outcomes of different voting pairs. The document explores the paradox of voting using quadratic voting, detailed in Table 5.3. It reexamines preferences and willing spending on public goods: national defense, roads, and a weather warning system by Garcia, Johnson, and Lee.**Table 5.3: Paradox of Voting****Preferences:**- **Garcia:** - National defense: 1st choice - Road: 2nd choice - Weather warning system: 3rd choice- **Johnson:** - National defense: 3rd choice - Road: 1st choice - Weather warning system: 2nd choice- **Lee:** - National defense: 2nd choice - Road: 3rd choice - Weather warning system: 1st choice**Voting Outcomes:**1. National defense vs. road: Winner - National defense (preferred by Garcia and Lee)2. Road vs. weather warning system: Winner - Road (preferred by Garcia and Johnson)3. National defense vs. weather warning system: Winner - Weather warning system (preferred by Johnson and Lee)**Individual Voter Willingness to Pay for the Listed Public Projects:**| Public Good | Garcia | Johnson | Lee ||---------------------------|--------|---------|------|| National defense | $400 | $50 | $150 || Road | $100 | $300 | $100 || Weather warning system | $0 | $150 | $250 |**Exercise:**Assume voting will occur using a quadratic voting system. Each participant, Garcia, Johnson, and Lee, is given $500 for purchasing votes. Unspent money must be returned.- **Questions:** - How many votes will Garcia purchase for national defense? - How many for the road?- Enter the number of votes purchased as whole numbers in the blanks provided for Johnson and Lee as well.**Instructions: Enter your answers as a whole number.**

Answers (A) Public Goods Garcia Johnson Lee National Defence 20 7 12 Road 10 17 10…

Answered: y be spent on purchasing votes (i.e.,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Frank and Bill are eating lunch together at Chipotle. Frank has a burrito. Frank gets enjoyment from how quickly he can eat his burrito. The faster the better. But, the faster Frank eats his burrito the more sound he makes, which really annoys Bill. If Frank was free to do whatever he wants, without thinking about Bill, then Frank will 000 too fast so that collectively Bill and Frank would be better off if he ate slower. eat his burrito at a speed where the additional benefit from eating faster equals zero. eat his burrito at a speed where his additional benefit is exactly offset by Bill's additional irritation at the sound. eat his burrito too fast unless there is some sort of tax on his eating speed.
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Which is correct? Select the best answer. Answer 2 Points Keypad Keyboard Shortcuts Laws must be clear, public, fair, enforced, however, some laws may not be applicable to members, who work for the well-being of society as a whole. O In the 1970s, South Korea, Thailand, and Taiwan reached the same level of GDP per capita as in major industrialized countries. O Economic growth in the last two centuries has vastly improved the average person's standard of living.
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In the real world it is, the case that all the conditions for markets to be efficient hold, so in the modern economic systems governments. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a rarely; make most economic decisions rarely; intervene to corect market failures c often; have no influence on market outcomes often; only provide public goods Which of the following statements are true? (Check all that apply.) Multiple answers: Multiple answers are accepted for this question Select one or more answers and submit. For keyboard navigation. SHOW MORE V a Unregulated markets fail to efficiently provide private goods. An unregulated market is efficient when it generates externalities. Markets regulated by government can be more efficient than unregulated markets. d Unregulated perfectly competitive markets are not always efficient. The market for medical services is inefficient because Select an answer and submit. For keyboard…
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16. Which of the following types of political culture stresses the importance of the individual and private initiative? a. Individualistic b. Traditionalistic c. Moralistic d. Socialistic e. Civic

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