Suppose That There Are 175 Voters in an Election and That

question 210

Multiple Choice

Suppose that there are 175 voters in an election and that 80 of them prefer a $100 budget while the remainder prefer a $150 budget. Which of the following statements is true?

• A)The Condorcet Paradox predicts that the $100 budget will win even though fewer people prefer that budget.
• B)The median voter theorem predicts that the winning budget will be $125, the median of the preferences of the two types of voters.
• C)Arrow's impossibility theorem says that the winning budget cannot be determined in this election since there is no unanimity.
• D)None of the above.

Identify the benefits of private ownership in resource conservation and economic incentive structures.

Understand the function and value added by middlemen in reducing transaction costs, facilitating trade, and increasing the gains from exchange.

Explain the significance of exchange in creating value and facilitating the movement of goods to those who value them most.

Grasp the concept of opportunity cost in decision-making processes.

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Definitions:

Technological Innovation

The process of developing and introducing new technologies or improving existing ones to solve problems or enhance capabilities.

Turnover Reductions

Efforts or strategies aimed at decreasing the rate at which employees leave an organization and need to be replaced.

Labor Surplus

A labor surplus occurs when there are more workers available than jobs, leading to unemployment and underemployment.

Hiring Freeze

A temporary halt in the recruitment process of an organization aimed at reducing costs.