Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 31, Problem 2WNG
To determine
Outcome of the election.
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What is the significance of the concept of rational ignorance?
Question options:
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.
Explain why majority rule respects the preferencesof the median voter rather than those of the averagevoter.
Arrow's impossibility theorem states that under certain assumptions about preferences, no voting system exists that satisfies all of the following properties:
•
Unanimity
•
Transitivity
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Independence of irrelevant alternatives
•
No dictators
Chapter 31 Solutions
Economics (MindTap Course List)
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- All of the following statements are true about median voter theory, except: Select the correct answer below: The median voter is in the middle of the political spectrum. The effects of the U.S. sugar lobby supports median voter theory. Median voter theory suggests that if a candidate needs more than 50% to win an election, the best way to win is to have median preferences. The median voter theory argues that politicians will try to match policies to what pleases the median voter preferences.arrow_forwardIs 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_forwardConsider the race for governor of a small state. The population of the state is evenly divided between three cities-Riverville, Hanover, and Danbury. The governor's race is between Ron Ruskin (the mayor of Riverville) and Ted Topple (the mayor of Hanover). Assume that no matter what is said during the campaign, Ruskin can count on the support of 100% of the Riverville population, and Topple can count on the support of 100% of the Hanover population. Assume 100% voter participation. According to the result of majority-rule voting, the next governor will be the one preferred by the majority of the residents of The two candidates are asked in a debate about their support of recreational subsidies. Public opinion polls in the city you just identified have shown the following about the level of recreational subsidies desired: • 70% want a low level 20% want a medium level • 10% want a high level Assuming that voters prefer outcomes closer to their preferred choices to outcomes further away,…arrow_forward
- BN10.3 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_forwardAlienation and the Median-Voter Rule. Consider the example of the ice cream vendors on the beach. Suppose that people are unwilling to walk more than 1/4 mile for an ice-cream cone. As a starting point, suppose both sellers locate at the median location, at the 1/2 mark a. Fill in the blanks in the following table to indicate the number of customers. (Enter your responses as integers.) Starting point median location Lefty moves to 1/4 mile mark Righty moves to 3/4 mile mark Location Lefty Location Righty Quantity Lefty Quantity Righty 12 1/2 1/4 1/2 1/4 3/4arrow_forwardOutline the median voter theorem and explain its importance to the successful application of a majority voting system.arrow_forward
- How might special interest groups and lobbyists influence campaigns and elections? Group of answer choices political party and influence legislation. They go door to door educating voters on campaign and election issues. While they do not participate in elections, they exercise a lot of influence through their relationships with elected officials. When politicians are elected to office, members of special interest and lobbyists take jobs working for that politician and in this way influence their work, campaigns, and elections.arrow_forwardScholars and business people tend to agree that businesses should avoid politics because the economic stakes are too high. True Falsearrow_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
- Let's walk through the median voter theorem in a little more detail. Consider a town with three voters, Enrique, Nandini, and Torsten. The big issue in the upcoming election is how high the sales tax rate should be. As you'll learn in macroeconomics (and in real life), on average, a government that wants to do more spending has to bring in more taxes, so "higher permanent taxes" is the same as "higher government spending." Enrique wants low taxes and small government, Nandini is in the middle, and Torsten wants the biggest town government of the three. Each one is a stubborn person, and his or her favorite position-what economic theorists call the "ideal point-never changes in this problem. Their preferences can be summed up like this, with the x denoting each person's favorite tax rate: Enrique 0% N O Sales tax rate Nandini P Torsten 20% Suppose there are two politicians running for office, N and O (so ignore P for now). Enrique will vote for Choose your answer. Nandini will vote for…arrow_forwardTRUE OR FALSE Concerning public opinion, Optimists prefer that government officials serve as Delegates for citizens, whereas Pessimists/Skeptics prefer that politicians serve as Trustees instead.arrow_forwardWhat is meant by limited and bundled choice when voting on a bill or candidate?arrow_forward
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