Microeconomics
Microeconomics
13th Edition
ISBN: 9781337671590
Author: Arnold
Publisher: Cengage
Question
Book Icon
Chapter 18, Problem 1QP
To determine

Median voter model and its exceptions.

Expert Solution & Answer
Check Mark

Explanation of Solution

The median voter model refers to a two-person contest where the endeavor of political candidates matches the median voter’s preferences. The two politicians, Barry Goldwater (1964) and George McGovern (1972), are at the right and left end of the two ranges from middle, respectively. These two candidates may fall into the middle of the two ranges. However, it is difficult to find out the middle. Thus, it is necessary to note the activities of respective political parties in the next years.

During the presidential election of 1964, the Republican Party with Goldwater suffered a defeat and party chooses a candidate Richard Nixon, who is nearer to the middle of the two ranges. During the election of 1968, the Republican Party wins.

During the election of 1972, the Democratic Party suffered a defeat with George McGovern and party chooses a candidate, Jimmy Carter, who is nearer to the middle of the two ranges and wins in the election of 1976.

Thus, these are not necessarily exceptions to the theory of median voter but correct statements.

Economics Concept Introduction

Median voter model: Median voter model refers to a two-person contest where the endeavor of political candidates matches the median voter’s preferences.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
In this question, you will test relative purchasing parity (PPP) using the data. Use yearly data from FRED website from 1971 to 2020: (i) The Canadian Dollars to U.S. Dollar Spot Exchange Rate (ER) (ii) Consumer price index for Canada (CAN_CPI), and (iii) Consumer price index for the US (US_CPI). Inflation is measured by the consumer price index (CPI). The relative PPP equation is: AE CAN$/US$ ECAN$/US$ = π CAN - πUS Submit the Excel sheet that you worked on. 1. First, compute the percentage change in the exchange rate (left-hand side of the equation). Caculate the variable for each year from 1972 to 2020 in Column E (named Change_ER) of the Excel sheet. For example, for 1972, compute E3: (B3-B2)/B2). ER1972 ER1971 ER 1971 (in Excel, the formula in cell
not use ai please
8. The current price of 3M stock is $87 per share. The previous dividend paid was $5.96, and the next dividend is $6.25, assuming a growth rate of 4.86% per year. What is the forward (next 12 months) dividend yield? Show at least two decimal places, as in x.xx% %
Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Text book image
Macroeconomics
Economics
ISBN:9781337617390
Author:Roger A. Arnold
Publisher:Cengage Learning
Text book image
Microeconomics
Economics
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Cengage Learning
Text book image
Microeconomics A Contemporary Intro
Economics
ISBN:9781285635101
Author:MCEACHERN
Publisher:Cengage
Text book image
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Text book image
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning