According to the public choice model, how do policymakers arrive at their decisions? The public choice model suggests that O A. policymakers will follow the preferences of the majority. O B. policymakers will act randomly. Oc. policymakers will take actions that are in the public interest. O D. policymakers will act to maximize government tax revenue. O E. policymakers will pursue their own self - interest.

Refer to the information provided in Figure 6.15 below to answer the questions that follow. a. b. C. d. Question #45: Moving along an indifference curve the: A. Consumers prefer some of the consumption points to others. B. Marginal rate of substitution for a good increase as more of the good is consumed. C. Marginal rate of substitution is constant. D. Consumers do not prefer one consumption point to another. Question #46: Suppose inflation comes in the form of an across-the board increase in all prices by some percentage k. For a consumer with exogenous income operating in a 2-good world, this will cause the budget constraint to a. bought. b. Number of ice cream sandwiches C. bought. 100 rotate inward rotate outward d. Jo-el preferences and budget constraint C shift out in a parallel way shift inward in a parallel way Number of ice cream cones Question #47: Suppose you are given a coupon for pizza. This coupon lowers the price for each additional pizza you buy by 5% for each addition…

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.

- 1 with Imagine that voters and politicians play the following game. A politician who is in office has to decide how much effort e to apply to affect the outcome of some policy. The policy output x has two states, indicated by xh = 1 or xi = 0 re- spectively. In particular, when the politician applies effort e, we have x = probability e and x = 0 with probability 1 e. Moreover, the politician dislikes applying effort, and faces a cost ce²/2. Before the the politician takes a decision, voters tell the politician that they will contribute h to the re-election campaign if x = 1 and if x 0. Finally, if the politician does not like the contract setup, he can walk away and just get some payoff m. = The timing of the game is as follows: 1) Voters offer a take-it-or-leave-it contract {h,1} and politicians choose to accept or not. If not, her outside option is m 2) politicians apply hidden effort e = [0,1] 3) x is realized 4) voters pays w(x) = h,1 and keep x - w(x) 5) payoffs are uv(x) = x =…

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Determine whether the results below appear to have statistical significance, and also determine whether the results have practical significance. In a study of a weight loss program, 6 subjects lost an average of 42 lbs. It is found that there is about a 37% chance of getting such results with a diet that has no effect. ~ Does the weight loss program have statistical significance? O A. No, the program is not statistically significant because the results are unlikely to occur by chance. O B. No, the program is not statistically significant because the results are likely to occur by chance. O C. Yes, the program is statistically significant because the results are unlikely to occur by chance. O D. Yes, the program is statistically significant because the results are likely to occur by chance. Does the weight loss program have practical significance? O A. No, the program is not practically significant because the results are likely to occur even if the weight loss program has no effect. O…

23.     You and a friend are considering going in together to purchase a new table. However, they are getting $49 in consumer surplus while you only get $1. Traditional economic analysis says you _______ the deal, and behavioral economics says you _______ the deal. accept; reject reject; reject accept; accept reject; accept

Consider an economy which is in general equilibrium. Ann and Bob are (the only) two consumers in an economy. They both consume both good and good X . This implies that O d. Both statements are false. y. mu X mu y (i) The equality is important with regards to efficiency because it implies that there are no Pareto Improving trades of x and y between Ann and Bob. (ii) The equality is important with regards to efficiency because it implies that (for x and y) the prices that producers see reflect the (relative) values that consumers place on the goods. O a. Only statement (ii) is true. O b. Only statement (i) is true. O c. Both statements are true. mu mu B X B y Consider the truth of the following two statements:

O PRICE d. Q2. Figure 10-2 Refer to Figure 10-2. Without government intervention, the equilibrium quantity would be O a. Q₁. O b. Q4. O c. Q3. Q₂ Q₂ Social Cost Q3 QUANTITY Q₂ Supply Demand

The Condorcet paradox illustrates Arrow’simpossibility theorem by showing that pairwisemajority votinga. is inconsistent with the principle of unanimity.b. leads to social preferences that are not transitive.c. violates the independence of irrelevantalternatives.d. makes one person in effect a dictator.