NameCourse: Government and PoliticsCalifornia State University, San MarcosInstructorDatePART 1: SHORT ANSWER1) Explain the paradox of voting. What is paradoxical or puzzling about individuals’ decisions to cast a ballot?What accounts for the fact that some individuals ultimately do vote, overcoming the paradox, while others do not?The paradox of voting postulates that a single vote would have negligible effect on the national voting outcome. Furthermore, the costs of voting for a rational voter typically exceeds the benefits as voting exercise have numerous inconveniences. Some people vote when there are penalties for non-participation in voting, while others simply want to exercise their democratic right and elect people of their choice.2) What is socioeconomic status (SES)? What are identifiable components of SES? What is the relationship between SES and political participation in the United States? Is the relationship between SES and participation generally different in other democracies?The SES represents the social class of a person, and includes measures like level of education, occupation, wealth, residence and income levels. There is a relationship between SES and voting in the US, as more educated people make informed choices and are more likely to vote. Similar to other democracies more affluent people are likely to vote than those in lower social status because of better civic knowledge.3) Discuss the economic theories put forward by John Maynard Keynes and Friedrich Hayek. What are some of each thinker’s major economic insights? How do they differ from one another? How does each understand the relationship between government and the economy? Finally, discuss at least two reasons why you find one more Compelling than the other.Keynesian economics supported the view that the government should expand its role in economic activities by borrowing money to spend and through use of fiscal policies, and this would reduce unemployment and improve on consumer spending. Friedrich Hayek challenged Keynesian economic theories because central planning of economies did not take into account rational decision making. Minimal government intervention facilitated making rational economic choices and efficiency in the economy. 4) What is rent seeking and how does it fit into Stiglitz argument about inequality in US? Be sure to define rent seeking and discuss some of the examples that Stiglitz uses. In addition, how does rent seeking differ from entrepreneurialism? Rent seeking relates to the actions taken to benefit from economic rent especially through political means and lobbying, and the actions taken could result in policies that favor them or reduce competition with rivals. Stiglitz cautions that rent seeking cause rising inequality in America, because people who benefit from good economic performance are the ones making less contrition towards the growth. He uses the analogy of predatory lending practices by credit card companies, and ...