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Exam 22: Frontiers of Microeconomics

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Question 31

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"Signaling" refers to actions by an informed party for the sole purpose of

A) telling another party that the signaler has information to reveal,without actually revealing that information.
B) conveying false information.
C) confusing another party.
D) credibly revealing private information.

E) None of the above
F) B) and C)

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Question 32

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Table 22-1 The citizens of Mayville are having a severe budget shortage and are faced with eliminating athletics from the town high school.The town administrator has determined that the town can afford to maintain one sport.Exactly one of the three choices will prevail,and the choice will be made by way of pairwise voting,with the majority determining the outcome on each vote.The preferences of the voters are summarized in the table below. -Refer to Table 22-1.If a Borda count is used,what will be the outcome of the voting?

A) Basketball will win.
B) Football will win.
C) Hockey will win.
D) Football and basketball will tie.

E) None of the above
F) B) and C)

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Question 33

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Table 22-1 The citizens of Mayville are having a severe budget shortage and are faced with eliminating athletics from the town high school.The town administrator has determined that the town can afford to maintain one sport.Exactly one of the three choices will prevail,and the choice will be made by way of pairwise voting,with the majority determining the outcome on each vote.The preferences of the voters are summarized in the table below. -Which of the following is a known problem of an instant runoff election?

Table 22-8 -Refer to Table 22-8.The table shows the preferences of four types of voters over four possible outcomes: A,B,C,and D.In addition,the table shows the percentage of voters of each type.Suppose a Borda count election is held in which each voter ranks the four outcomes,giving 1 point to last place,2 points to second to last,3 points to the second best,and 4 points to the best.In this case,which outcome would win?

An implication of the median voter theorem is that Republicans and Democrats will try to align their views with those of the median voter.

Evidence points to the fact that,in the real world,people appear to care about fairness

Condorcet explained his paradox in a 1951 book called Social Choice and Individual Values.

The Condorcet voting paradox applies to situations in which voters

The majority of Americans,when asked how many states they could name,think they could name all fifty.However,when they are asked to do so,very few are able to come up with all fifty.This is an example of which systematic mistake that people make?

In an instant runoff vote,candidates without any first place votes are eliminated.

Scenario 22-2 The following table shows the preferences for the five voters in a city regarding how to deal with the city's diseased trees. A = do nothing B = follow the expert's advice to remove every tree C = remove every 4th tree now and perhaps more later D = use an untested spraying alternative -Refer to Scenario 22-2.Consider the public policy for dealing with the diseased trees.Using a Borda count with 4 points assigned to the first choice,3 points assigned to the second choice,2 points assigned to the third choice,and 1 point assigned to the fourth choice,which policy wins?

Which of the following is not a common response to the moral hazard problem that employers face?

On car insurance policies,Countrywide Insurance Company offers drivers an option: Policy 1 features a deductible of $1,000,and it requires a driver to pay an annual premium of $500.Policy 2 features a deductible of $250,and it requires a driver to pay an annual premium of $1,000.

Table 22-1 Three friends -- Tricia,Sarah,and Katie -- are deciding where to go together for vacation.They all agree that they should go to one of three places: Ireland,Italy,or Greece.They also agree that they will have two pairwise votes to determine where to go on vacation,with the majority determining the outcome on each vote.The first,second,and third choices for each person are as indicated in the table below. -Refer to Table 22-1.Depending on the order of the pairwise voting,

Table 22-11 The following table shows the preferences of four types of voters over four possible alternatives as well as the percentage of the electorate with the given preferences. -Refer to Table 22-11.Suppose before any voting takes place that alternative W is eliminated as an option.If the voters first choose between alternatives X and Y in a majority vote,with the winner of that vote going against option Z in a majority vote,which alternative would win?

Suppose that residents of a town are asked to vote on the best day to improve the safety of an intersection.The three choices are: a stoplight,a 4-way stop,and a 2-way stop.The mayor asks the residents to assign 3 points to their first choice,2 points to their second choice,and 1 point to their last choice.The intersection will be controlled by the method that receives the most points.This voting scheme is called

Table 22-3 The citizens of Anytown will decide whether to build a new library,a new community center,or a new ice rink.Exactly one of the three choices will prevail,and the choice will be made by way of pairwise voting,with the majority determining the outcome on each vote.The preferences of the voters are summarized in the table below. -Refer to Table 22-3.Which of the following statements is correct?

Table 22-11 The following table shows the preferences of four types of voters over four possible alternatives as well as the percentage of the electorate with the given preferences. -Refer to Table 22-11.Suppose before any voting takes place that alternative W is eliminated as an option.Based on this information,the median voter's first choice is

Table 22-15 The town of Portsmouth is considering a renovation to the high school.The voters in Portsmouth have different preferences on the budget for the renovation as displayed below. -Refer to Table 22-15.If there is a vote between a budget of $12 million and $16 million,the median voter will vote to spend

According to one survey 76 percent of Americans said they were not saving enough for retirement.This example of inconsistency over time