Principles Of Economics, Ap Edition, 9781337292603, 1337292605, 2018
8th Edition
ISBN: 9781337292603
Author: Mankiw
Publisher: Cengage Learning (2018)
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Chapter 22, Problem 4CQQ
To determine
Condorcet paradox and Arrow's impossibility theorem.
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Consider a society with three people (Atakan, Feyza and Nedim) who is trying to decide how much money to spend on schools. There are three options for spending on schools: H (High), M (Medium) or L (Low). These individuals rank the three options in the following way:
Rank Atakan Feyza Nedim
1st Choice M L H
2nd Choice L H M
3rd Choice H M L
Question -Would majority voting bring about a decision on how much to spend on schools? Explain why.
Economics
Suppose Justine and Sarah are playing the dictator game, Justine is the dictator and has $100 to allocate, Based on repeated experiments of
the dictator game, what is the least likely outcome for this game?
Multiple Choice
$100 for Justine and $0 for Sarah.
$58 for Justine and $42 for Sarah.
$50 for Justine and $50 for Sarah.
$0 for Justine and $100 for Sarah.
Rational behavior can be applied to
a) individuals
b) politicians
c) government officals
d) all of the above
Chapter 22 Solutions
Principles Of Economics, Ap Edition, 9781337292603, 1337292605, 2018
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- Define fairness and give examples of how it affects behavior in the economy and in the dictator and ultimatum games.arrow_forwardadequately protected. Private property rights do not conflict with human rights. They are human rights. Private property rights are the rights of humans to use specified goods and to exchange them. Any restraint on private property rights shifts the balance of power from impersonal attributes toward personal attributes and toward behavior that political authorities approve. That is a fundamental reason for preference of a system of strong private property rights: private property rights protect individual liberty. Armen A. Alchian is an emeritus professor of economics at the University of California, Los Angeles. Most of his major scientific contributions are in the economics of property rights. Which of the following are a violation of a person's property rights: Government using eminent domain laws to force the sale of property Zoning laws which prevent commercial buildings to be built in residential neighborhoods Regulations which prevent loud exhausts on automobiles Affordable…arrow_forward31) People respond to incentives A) by ignoring negative incentives and responding to positive incentives only. B) only when they are irrational. C) by calculating their individual costs and benefits and determining which is greater. D) when they have low incomes. 32) The threat of a large fine for failure to pay income taxes is an example of A) the excessive power of the Internal Revenue Service. B) the ineffectiveness of incentives to get people to pay their taxes. C) a negative incentive to get all people to pay taxes. D) people failing to consider all the benefits the government provides them. 33) A politician says that the government should tax behavior they want less of and subsidize behavior they want more of. This is an example of A) cynical behavior in modern democracies. B) failing to consider the alternatives available to the government. C) a concern that people are not rational when they make decisions. D) using incentives to alter…arrow_forward
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