Answer Happy

Question 5 The desire for "consumption-smoothing" is based on the economic principle of a. the efficiency of perfectly competitive markets. b. asymmetric information. O c. diminishing marginal returns d. diminishing marginal utility (or marginal benefit) e. supply and demand
Question 6 B B Voter Type Type 1 Type 2 Type 3 Percentage of Electorate 25% 55% 20% (For simplicity assume 100 voters First choice A с in the electorate) Second choice с A Third choice с A B For the table shown with pairwise majority voting answer these two questions: (1) are the preferences intransitive?; (2) what is the order of preferences? O a. Yes, intransitivity; C is preferred to B and B is preferred to A, yet A seems preferred to C. O b. No intransitivity; C is preferred to both A and B, and B is preferred to A. Oc. Yes -intransitivity: A is preferred to B and B is preferred to C, yet C seems preferred to A. Od. No intransitivity; B is preferred to both A and C, and C is preferred to A. C.
A Moving to another question will save this response. Question 7 The difference between a referendum and an initiative is a. All referenda are submitted to a popular vote by action of the legislators. O b. Only the referendum is an example of direct democracy. O c A referendum is a proposal first put forward by the citizens. d. The legislators are the first to vote on an initiative which then can be submitted to popular vote. e. Referenda refer to legislator-initiated proposals submitted for a popular vote.