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Exam 22: Frontiers in Microeconomics.

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Question 81

True/False

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The science of economics is a finished jewel,perfect and unchanging.

A) True
B) False

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Question 82

Multiple Choice

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Table 22-12 The following table shows the number of voters preferring various amounts of spending on a new school. -Refer to Table 22-12.Suppose on election day that the voters with a preference for $0.0,$2.0,$2.5,and $3.0 do not show up to vote.In this case,what is the preferred spending amount of the median voter (among those who actually cast a vote) ?

A) $0.50
B) $0.75
C) $1.00
D) $1.50

E) None of the above
F) All of the above

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Question 83

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The Condorcet voting paradox applies to situations in which voters

A survey of 1,500 frequent restaurant patrons revealed that,Chang Cheng,a local Chinese restaurant,offers high-quality food at low prices.Based on one dining experience,a restaurant critic gave Chang Cheng a poor review,saying the food was not very good.As a result,you decide not to dine at Chang Cheng.This decision is an example of which of the following systematic mistakes that people make when making decisions?

The Condorcet voting paradox demonstrates that democratic outcomes do not always obey the property of

When a corporation decides to include its own corporate stock as part of the compensation for its employees,it is trying to solve the

A "satisficer" is a person whose decisionmaking is the same as that predicted by mainstream economic models.

Table 22-9 -Refer to Table 22-9.The table shows the preferences of 100 voters over three possible outcomes: A,B,and C.If a Borda count election were held among these voters,giving three points to each voter's first choice,two points to the second choice,and one point to the last choice,which outcome would win the election?

Which of the following is not an example of a principal-agent relationship?

In the employer-worker relationship,the employer is regarded as the "principal" and the worker is regarded as the "agent."

Table 22-16 Citizens in a small town are deciding how best to develop a plot of land at the center of town. They have narrowed the options to: a park, town hall, gas station, restaurant. The voters' preferences are shown in the table below. -Refer to Table 22-16.If the election is conducted by instant runoff,the final two options will be

Kenneth Arrow proved that the voting system that satisfied all of the properties of his "perfect" voting system was

In view of the possible need for government action in markets where asymmetric information is a problem,which of the following is a valid concern?

Suppose the voters in a small country are choosing between two options,A and B.After the voting is complete it is discovered that option A recevied 100% of the votes with option B receiving no votes.After the vote,however,the country's leader decides that option B is better for the people and implements B rather than A.The voting system in this country fails which of Arrow's properties of a desirable voting system?

Table 22-13 The fortunate residents of Anytown have a budget surplus. The mayor decided that it is only fair to have the residents vote on what to do with the surplus. The mayor has narrowed the options down to three possible projects: a playground, a library, or a swimming pool. The voters fall into three categories and have preferences as illustrated in the table. -Refer to Table 22-13.If the mayor decides to use a Borda count rather than pairwise voting,

Table 22-12 The following table shows the number of voters preferring various amounts of spending on a new school. -Refer to Table 22-12.What is the preferred spending amount of the median voter?

The criminal actions of the top managers of corporations such as Enron,Tyco,WorldCom,and Adelphia are an example of moral hazard.

Table 22-7 -Refer to Table 22-7.The table shows the most preferred budget of 75 voters.In an election,each voter will select the budget closest to his or her most preferred budget.Which of the following statements regarding this information is true?

In American politics,we often observe that during a campaign,the Democratic and Republican positions on many issues are similar,which illustrates

Which of the following is an example of informational asymmetry?