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Exam 22: Frontiers in Microeconomics.

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Question 151

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Which of the following is not correct?

A) Economics is a study of the choices that people make and the resulting interactions they have with one another.
B) Economists are not interested in finding new areas to study and new phenomena to explain.
C) Economists are trying to expand their understanding of human behavior and society.
D) The economics of asymmetric information, political economy, and behavioral economics are all topics at the frontier of microeconomics.

E) A) and B)
F) A) and C)

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Question 152

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Scenario 22-4 Suppose that residents of a town are asked to vote on the best way to improve the safety of an intersection. The three choices are: a stoplight, a 4-way stop, and a 2-way stop. The voters are divided into three groups based on their preferences. Voter Type -Refer to Scenario 22-4.Based on the information in the table,which of the following statements is true?

A) In a vote between a 2-way stop and a stoplight, stoplight wins because 40% of voters have stoplight as their 1st choice.
B) In a vote between a 2-way stop and a 4-way stop, the 4-way stop wins getting 80% of the total vote.
C) In a vote between a 4-way stop and a stoplight, there is a tie because each gets 40% of the vote.
D) None of the above are true.

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

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Question 153

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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.If the citizens of Anytown use an instant runoff election.,then they will build a new

Table 22-4 Five voters must choose from among four options: A, B, C, or D. Each voter's preferences are summarized in the table below. Options higher in the table are more preferred by the voter. -Refer to Table 22-4.If the vote were conducted according to a modified Borda count system where each person's first choice receives 10 points,second choice 5 points,third choice 3 points and fourth choice 1 point,the result would be that

The temptation of imperfectly-monitored workers to shirk their responsibilities is

Based on studies of human decision making,many people care more about the fairness of a game than about their personal winnings.

Scenario 22-3 Three candidates, Frank, Brian, and Wanda, are running for office. There are three voters in the upcoming election: Henry, Diane, and Linda. Henry prefers Brian over Frank and Frank over Wanda. Diane prefers Wanda over Brian and Brian over Frank. Linda prefers Frank over Brian and Brian over Wanda. -Refer to Scenario 22-3.If the voters were given a choice of Brian versus Wanda first,then the winner was in a second election versus Frank,who would win?

Scott's Painting Company paints houses.Since Scott's business does not have the name recognition of some of the bigger painting companies,Scott advertises a "Five-Year Money Back Guarantee" to indicate to buyers that his service is of high quality.This guarantee is an example of

Manuel buys automobile insurance from Ax-i-Dent Insurance Company.If Manuel avoids having an accident for three years,Ax-i-Dent will reduce the price he has to pay for his insurance.Nevertheless,he routinely drives fast and with reckless abandon.

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.Using this information,what is the most preferred budget of the median voter?

Your friend works at a coffee shop on campus and regularly gives away free coffee to you and your friends when you visit.If the owner of the coffee shop wants to stop your friend from giving away coffee,which of the following is not a good approach?

The buyer runs a risk of being sold a good of low quality when there is

Mankiw argues that a primary difference between taxing products like gasoline and taxing soda and other sugary drinks is that

The Borda count fails to satisfy which of Kenneth Arrow's properties of a "perfect" voting system?

Studies show that during the March Madness college basketball tournament,the productivity of average company in the US falls considerably.This is an example of

Table 22-14 The Johnson family is planning a vacation and, though Mr. and Mrs. Johnson will be paying for the trip, they have decided to use a democratic voting process to choose their destination. The family members' preferences are reflected in the table below. -Refer to Table 22-14.Mr.Johnson recommends using a vote by majority rule.If he wants to ensure that his 1st choice becomes the family's winning destination,he should propose

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,

The Condorcet paradox tells us that,even though it is impossible to satisfy all of Arrow's properties of a desirable voting system,pairwise majority voting will always satisfy transitivity.

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 regarding the Condorcet paradox and the results of pairwise voting in Anytown?

Which voter is the voter whose views on a policy issue are in the middle of the spectrum,with half of the voters on one side of this voter's view and half on the other side.