Microeconomics

The conclusion of the median voter model is that_____. a. private sec

The conclusion of the median voter model is that_____. a. private sector demands of the median voter influences their demand for public goods b. the median voter is omniscient c. public sector demand will be the demand of the median voter d. decision-making costs will be high if the median voter is rationally ignorant   […]

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Date: September 9th, 2020

The median voter model examines the outcome of majority rule decisions

The median voter model examines the outcome of majority rule decisions and _____. a. concludes that the outcome will be the one preferred by the median voter b. assumes that the outcome will be determined by the median voter c. uses the median voter to analyze the decision-making of bureaucrats d. found that the median […]

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Date: September 9th, 2020

Describe the argument that education generates a positive externality.

Describe the argument that education generates a positive externality. Why might this externality not be relevant in terms of economic efficiency? What will be an ideal response?   ANSWER Education is often said to produce a positive externality because there are positive spillovers from getting an education for which the consumer of education is not […]

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Date: September 9th, 2020

How has the financing of elementary and secondary education changed in

How has the financing of elementary and secondary education changed in the United States since 1940? What is the primary reason for this trend? What will be an ideal response?   ANSWER Historically, elementary and secondary education in the United States was a local enterprise. This meant school financing was traditionally financed mostly at the […]

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Date: September 9th, 2020

“Americans hate broccoli.” “Because so few Americans like broccoli, av

“Americans hate broccoli.” “Because so few Americans like broccoli, average broccoli sales are lower in America then anywhere else.” Which of these two statements about the preferences of Americans is more accurate? Why? What will be an ideal response?   ANSWER The second statement is more accurate because groups do not have preferences, only individuals […]

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Date: September 9th, 2020

Provide arguments for and against education vouchers. What will be an

Provide arguments for and against education vouchers. What will be an ideal response?   ANSWER Education vouchers are attractive policy options because they introduce competition into the public education system. The hope is that just like in other areas of life, choice and competition will increase the quality of goods provided and lower the cost. […]

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Date: September 9th, 2020

List two economic reasons why representative democracy makes sense Wh

List two economic reasons why representative democracy makes sense What will be an ideal response?   ANSWER Representative democracy makes economic sense for two reasons. First, having fewer individuals involved in the decision-making process will lower the costs of making decisions. Second, there are benefits from specialization and having some individuals specialize in politics (or […]

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Date: September 9th, 2020