Answer the following statements true (T) or false (F)
1. In the median-voter model, the median voter refers to the voter who makes her choice at the midpoint of the voting period.
2. In the median-voter model, half the voters have stronger or more positive preferences than the median voter, while half of the voters have weaker or more negative preferences.
3. One prediction of the median-voter model is that during elections, candidates will tend to become "centrists".
4. One implication of the median-voter model as applied to a vote regarding how much government involvement to have in the economy is that most voters would find the resulting government involvement either too large or too small.
5. "Voter failure" is one cause of government failure.
1. FALSE
2. TRUE
3. TRUE
4. TRUE
5. TRUE
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For the goods market to be in equilibrium in a closed economy, which of the following must be true?
A) Y = S + I + G B) S + I = C + G C) S + G = Y + C D) S = I
Identify the correct statement about a corrective tax. a. Equilibrium occurs at a lower market price after the tax is imposed
b. The social cost curve lies below the private cost curve in the absence of the tax. c. A market becomes allocatively efficient after the tax is imposed. d. The socially optimal level of output is more than the market equilibrium output in the absence of the tax.