Question 1

Just before the 1972 election, ________ sent a letter to 24million Social Security recipients informing them of increasedpayment benefits.

Accepted Answer

A)  Richard Nixon
B)  Jimmy Carter
C)  Ronald Reagan
D)  John F.KennedyE) All of the above
F) C) and D)

Question 2

Which of the following statements is FALSE?

Accepted Answer

A)  Economists support free and competitive markets.
B)  Economists are skeptical about price controls and tariffs.
C)  Economists favor command and control regulation.(True Answer ) Correct
D)  Economists oppose super-high inflation rates.E) None of the above
F) B) and D)

Question 3

Government ownership of the media:

Accepted Answer

A)  is uncommon in African countries.
B)  causes an even greater degree of rational ignorance than private ownership.
C)  reduces rational ignorance because governments usually require a greater number of news broadcasts.
D)  decreases the effectiveness of special interest groups.E) All of the above
F) A) and C)

Question 4

Which of the following would be the most likely outcome if acollege professor awards grades based on average test scoresand assigns the same grade to everyone in the class?

Accepted Answer

A)  Students will collaborate to get a better grade and achieve higher payoff.
B)  Students will study more because studying has a higher payoff.
C)  Students will study less because studying has a lower payoff.
D)  Students will study the same amount as they did before because their scores will still impact the averageScore.E) A) and B)
F) B) and C)

Question 5

Which of the following explains why the sugar quota is awinning policy for politicians?

Accepted Answer

A)  The people who are harmed by the quota are rationally informed.
B)  The people who are harmed by the quota have strong incentive to oppose the policy.
C)  The people who benefit from the quota are rationally ignorant.
D)  The people who benefit from the quota have strong incentive to support the policy.E) None of the above
F) B) and C)

Question 6

The median voter is the person/voter who is exactly in themiddle of the population, when one is counting the populationin numbers.

Accepted Answer

A) True 
 B)False

Question 7

The costs of many government projects (such as bridges,roads, and museums)  create:

Accepted Answer

A)  external costs because taxpayers around the country pay for the construction.
B)  internal costs because taxpayers around the country pay for the construction.
C)  internal benefits because all taxpayers benefit from the construction.
D)  external benefits because taxpayers around the country benefit from the construction.E) B) and C)
F) None of the above

Question 8

Economists say that voters are rationally ignorant aboutpolitics because:

Accepted Answer

A)  the procedure of learning politics is too cumbersome.
B)  politics is too complicated.
C)  the opportunity cost of studying politics is too high.
D)  the incentives to be fully informed are low.(True Answer ) CorrectE) A) and B)
F) All of the above

Question 9

The most important assumption of the median voter theoremis that:

Accepted Answer

A)  voters vote for the policy furthest from their ideal.
B)  voters vote for the policy closest to their ideal.(True Answer ) Correct
C)  half the voters vote for their ideal, but the other half do not.
D)  there are several voting dimensions.E) All of the above
F) B) and C)

Question 10

Why is public food distribution better in election and pre-election years?

Accepted Answer

A)  Higher political competition always ensures better food production in farming areas.
B)  The threat of failure to get reelected spurs government into providing better food distribution systems.(True Answer) Correct
C)  There is a lag of about four years between refurbishment of most food production systems.
D)  Increased competition between political parties leads voters to educate themselves on the availability of such distributionSystems.E) B) and C)
F) A) and D)

Question 11

One reason for the good record of democracies on economicgrowth is that:

Accepted Answer

A)  people can become rich by gaining economic resources in their favor.
B)  people can become rich by competing for the limited economic resources.
C)  the public as a whole can become rich by equally dividing the economic resources.
D)  the public as a whole can become rich by supporting efficient policies that generate economic growth.(True Answer) CorrectE) B) and D)
F) A) and B)

Question 12

As a predictive theory of politics the median voter theorem isapplicable to almost all circumstances in politics.

Accepted Answer

A) True 
 B)False

Question 13

In which of the following decisions is a person likely to berationally ignorant?

Accepted Answer

A)  deciding on which car to buy
B)  deciding on where to live
C)  deciding on which mayoral candidate to vote for (True Answer ) Correct
D)  deciding on which television show to watchE) A) and D)
F) B) and D)

Question 14

(Figure: Kidney Trade Ban Policy Spectrum)  Refer to figure. If A, B,and C are all candidates in the election, and an open market for kidneytrading is the only issue being debated, based on the median votertheorem, which candidate will win the election?

Accepted Answer

A)  A
B)  B
C)  C
D)  A, B, and C will each receive an equal number of votes.E) C) and D)
F) A) and C)

Question 15

The diffusion of costs and concentration of benefits:
I. leads to rational ignorance on the part of voters
II.is the formula to which the sugar quota owes its existence
III. is a formula for reelection to political office.

Accepted Answer

A)  I only
B)  I and II only
C)  II and III only
D)  I, II, and IIIE) A) and B)
F) B) and C)

Question 16

Sometimes it is rational to be ignorant.

Accepted Answer

A) True 
 B)False

Question 17

The free flow of ideas helps both the market and governmentto function better.

Accepted Answer

A) True 
 B)False

Question 18

The greater the share of the population that is brought intopolitical power, the more likely it is that policies will favoreconomic growth.

Accepted Answer

A) True 
 B)False

Question 19

A simple logic underlying the apparent chaos of seeminglyunique and momentous elections is that:

Accepted Answer

A)  voters are so unresponsive to economic conditions that the winner of a presidential election cannot be predicted with anyAccuracy.
B)  voters are so responsive to economic conditions that the winner of a presidential election can be predicted withConsiderable accuracy.
C)  pundits scrutinize the daily chronicle of events to divine how the candidates advance and retreat in publicOpinion.
D)  personalities and leadership of the candidates loom large and are reckoned to swing voters one way orAnother.E) A) and D)
F) C) and D)

Question 20

The median voter theorem holds that the:

Accepted Answer

A)  policy that caters to the median voter will beat any other policy in a majority rule election.
B)  policy that adjusts the left of the median voter will beat any policy further to the right.
C)  policy that adjusts to the right of the median voter will beat any policy further to the left.
D)  median voter's preferences cannot be met.E) A) and B)
F) B) and D)

Exam 19: International Trade

Which of the following explains why the sugar quota is awinning policy for politicians?

Correct AnswerverifiedShow Answer

One reason for the good record of democracies on economicgrowth is that:

Correct AnswerverifiedShow Answer

Just before the 1972 election, ________ sent a letter to 24million Social Security recipients informing them of increasedpayment benefits.

Correct AnswerverifiedShow Answer

The median voter theorem holds that the:

Correct AnswerverifiedShow Answer

(Figure: Kidney Trade Ban Policy Spectrum) Refer to figure. If A, B,and C are all candidates in the election, and an open market for kidneytrading is the only issue being debated, based on the median votertheorem, which candidate will win the election?

Correct AnswerverifiedShow Answer

In which of the following decisions is a person likely to berationally ignorant?

Correct AnswerverifiedShow Answer

Which of the following would be the most likely outcome if acollege professor awards grades based on average test scoresand assigns the same grade to everyone in the class?

Correct AnswerverifiedShow Answer

The most important assumption of the median voter theoremis that:

Correct AnswerverifiedShow Answer

Economists say that voters are rationally ignorant aboutpolitics because:

Correct AnswerverifiedShow Answer

Sometimes it is rational to be ignorant.

Correct AnswerverifiedShow Answer

Which of the following statements is FALSE?

Correct AnswerverifiedShow Answer

The greater the share of the population that is brought intopolitical power, the more likely it is that policies will favoreconomic growth.

Correct AnswerverifiedShow Answer

The diffusion of costs and concentration of benefits: I. leads to rational ignorance on the part of voters II.is the formula to which the sugar quota owes its existence III. is a formula for reelection to political office.

Correct AnswerverifiedShow Answer

A simple logic underlying the apparent chaos of seeminglyunique and momentous elections is that:

Correct AnswerverifiedShow Answer

The free flow of ideas helps both the market and governmentto function better.

Correct AnswerverifiedShow Answer

The median voter is the person/voter who is exactly in themiddle of the population, when one is counting the populationin numbers.

Correct AnswerverifiedShow Answer

Why is public food distribution better in election and pre-election years?

Correct AnswerverifiedShow Answer

Government ownership of the media:

Correct AnswerverifiedShow Answer

As a predictive theory of politics the median voter theorem isapplicable to almost all circumstances in politics.

Correct AnswerverifiedShow Answer

The costs of many government projects (such as bridges,roads, and museums) create:

Correct AnswerverifiedShow Answer

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