Economics Study Set 4
Quiz 18: Public Choice,taxes,and the Distribution of Income
What Is the Difference Between the Voting Paradox and the Arrow
What is the difference between the voting paradox and the Arrow impossibility theorem?
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What is the relationship between market failure and government failure?
Define logrolling.Explain why logrolling often results in legislation that benefits the economic interests of a few,while harming the interests of a larger group of people.
Refer to Table 18-2.The table above outlines the rankings of three members of the U.S.Senate on three spending alternatives.Assume that Congress can spend additional revenue on only one of the three spending alternatives and that Bart,Lisa,and Maggie,all members of the Senate,participate in a series of votes in which they are to determine which of the spending alternatives should receive funding.Three votes will be taken: (1)Immigration Reform and Unemployment Benefits (2)Immigration Reform and Social Security Reform and (3)Unemployment Benefits and Social Security Reform. Show the results of each vote and determine whether the voting paradox will occur as a result of these votes.
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