Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 22, Problem 5QR
To determine
The preference forMedian voter theorem.
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According to Kenneth Arrow, there are minimum conditions to which a social choice rule (constitution) needs to conform to in order to be ethically acceptable. Explain these conditions. Does majority decisions rule conform to Arrows conditions?
What is the significance of the concept of rational ignorance?
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It explains why voters are swayed by single-issue voting.
It explains why the majority of voters feel that their vote is important in determining the outcome of an election.
It explains how false or exaggerated political advertising influences voting behavior.
It explains why many people do not vote.
The above table shows the benefit to each voter if an issue passes. The cost per voter of the issue passing is $100.
According to Majority Rules voting, will the issue pass?
According to marginal analysis, should the issue pass?
Chapter 22 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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- Explain why according to the theory of rational ignorance, an individual will decide not to participate in the election process (vote).arrow_forwardBN10.3 Case: Your non-profit has just been awarded a special government environmental clean- up grant of $90,000. You are given the choice to take the $90,000 now or wait until next year. With an election coming up, the amount of next year's grant will vary based on which party wins. Assuming that money tomorrow is worth the same as money today, the grant amounts are: Outcome Democrats control everything Republicans control everything Split government Assume: Grant Amount $160,000 $36,100 $90,000 Probability 0.25 0.25 0.50 Assume your Payoff in each case (based on your utility function) is sqrt (grant amount). Question: Do you accept the Money today or wait until next year? Include Calculations of the Expected Value and Expected Utility.arrow_forwardWhich of the following is true? a. Arrow’s Impossibility Theorem states that There is no voting method that will satisfy a reasonable set of fairness criteria when there are three or candidates. b. Gibbard-Satterthwaite's theorem states that there is a voting method is completely resistant to strategic voting. c. None of the given choices d. May's Theorem states that the majority method will always have a winner.arrow_forward
- What voter ID policy would result in the most free and fair electoral process?arrow_forwardmodel suggests that candidates in a two person political race will move toward matching the preferences of the median voter.arrow_forwardFor each of the following social choice methods, which of Arrow's axioms (A.1-6) are violated, and why: a. the Pareto criterion b. plurality-rule voting (of several choices, the one with the most votes wins) c. majority-rulevoting d. puiling a choice out of a hat (randomarrow_forward
- Is it rational for voters to be informed? Is it rational for them to vote? Discuss the incentives that voters face and the calculations they might make. (Authentic answers with sources please)arrow_forwardThe United States legislature is a bicameral legislative body. Group of answer choices True Falsearrow_forwardSuppose there are three people in society who vote on whether the government should undertake specific projects. Let the net benefits of a particular project be $150, $140, and $50 for persons A, B, and C, respectively. a. If the project costs $300 and these costs are to be shared equally, would a majority vote to undertake the project? What would be the net benefits to each person under such a scheme? Would total net benefits be positive? b. Suppose the project cost $375 and again costs were to be shared equally. Now would a majority vote for the project and total net benefits be positive? c. Suppose (presumably contrary to fact) votes can be bought and sold in a free market. Describe what kinds of results you might expect in part a and part b.arrow_forward
- The average cost of landscaping services for members of a condominium community is $350 per week. Assume that the quantity of landscaping services is perfectly correlated with the number of gardeners per week. Suppose the community consists of seven residents, each with the identical marginal benefit curve for landscaping services. The marginal benefit of the first gardener is $100 per resident. a) Assume that the efficient number of gardeners is three per week. What is the political equilibrium under majority rule if each voter is assigned a tax share of $50 per gardener per week? Does the political equilibrium under majority rule differ from the Lindahl equilibrium?arrow_forwardA group of two or more political parties that governs by sharing executive power and responsibilities is called a .... Group of answer choices coalition threshold confiscation mercantilismarrow_forwardAssume you have been hired by a group that wants to increase voter turnout in American elections. What would you tell them about why some people are more likely to vote in elections compared to others who are not likely to participate?arrow_forward
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