When each voter has a most-preferred outcome for the expenditure on a particular government program, majority rule will produce the outcome
a. preferred by the mean (average) voter.
b. preferred by the median voter.
c. that causes the political party in power to increase its power.
d. defined by Arrow's Impossibility Theorem.
b
Economics
You might also like to view...
Each point on a production possibilities curve shows ____________ .
a. efficient utilization of resources. b. underutilization of resources. c. the potential for future growth. d. the relationship of shortage to scarcity.
Economics
Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first year in business his total revenue equaled $150,000 . Tom's explicit cost during the year totaled $85,000 . What is Tom's economic profit for his first year in business?
a. $0 b. $20,000 c. $65,000 d. $85,000
Economics