Voting and Other Democratic Procedures

question 159

Multiple Choice

Voting and other democratic procedures:
I. provide information about an individual's preferences for public goods.
II. result in an efficient allocation of resources.
III. result in the government underproducing public goods, just like the market would.

• A) I and II only
• B) I and III only
• C) III only
• D) I only

Understand the relationship between price changes and quantity demanded as depicted on a demand curve.

Learn how to calculate and interpret price elasticity of demand.

Understand the concepts of perfectly elastic and perfectly inelastic demand.

Grasp how changes in price influence total revenue depending on the elasticity of demand.

---

Definitions:

Significance Level

The probability of rejecting the null hypothesis in a statistical test when it is actually true, used as a measure of the threshold of statistical significance.

Commission Incomes

Earnings made based on a percentage of sales or transactions completed, common in sales roles.

Confidence Interval

An estimated span, defined by a certain probability, that is anticipated to include the accurate measure of a yet-to-be-determined demographic variable.

Variance

A measure of the dispersion or spread of a set of data points or random variables, showing how much the values differ from the mean of the set.