Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 22, Problem 4QCMC
To determine
Condorcet paradox and Arrow's impossibility theorem.
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Explain why majority rule respects the preferencesof the median voter rather than those of the averagevoter.
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?
Which 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.
Chapter 22 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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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.arrow_forward4.10. A social choice function satisfies the weak Pareto criterion if,whenever every voter places one candidate above another, say rankingcandidate A over candidate B, then candidate B cannot be the uniquewinner. (This differs from the Pareto property owing to the words “theunique”.)(a) Explain why any method that satisfies Pareto also satisfies weakPareto.(b) Explain why the antiplurality method satisfies weak Pareto.(c) Explain why the agenda method violates weak Pareto.arrow_forwardConsider 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.arrow_forward
- Explain why according to the theory of rational ignorance, an individual will decide not to participate in the election process (vote).arrow_forwardRational choice theory is an economic principle that assumes individuals always make prudent and logical decisions to maximize net benefit. True or falsearrow_forwardRational behavior can be applied to a) individuals b) politicians c) government officals d) all of the abovearrow_forward
- "The President's wife should not run as a candidate to succeed her husband." This is an example of:Response option group a) Normative statement. b) Economic fact. c) Economic principle. d) Positive statement.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_forwardThe idea of having three branches of government that share power is most consistent with which sociological perspective? Shared Governance Theory Functionalism Conflict Symbolic Interactionism Rockefeller's Standard Oil Company was in a position to issue commands and dictate the price of oil to oil producers by virtue of its monopoly on oil refining. This serves as an example of domination by O power. O economic power. O authority. none of the above. How do contagion theory and emergent norm theory differ in their explanations of collective action? OIn contagion theory, people take their cues from those nearby. In emergent norm theory, everyone takes their cues from a few key individuals. In contagion theory, collective action is spontaneous, whereas in emergent norm theory, it is the product of deliberate planning. O Contagion theory is about the spread of antisocial behavior, while emergent norm theory is about the spread of prosocial behavior. Contagion theory is about unintentional…arrow_forward
- adequately 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_forwardDefine fairness and give examples of how it affects behavior in the economy and in the dictator and ultimatum games.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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