Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
8th Edition
ISBN: 9781337607735
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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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
Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
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