Public choice theory suggests politicians will be most likely to favor redistribution of income from
a. the rich to the poor.
b. unorganized taxpayers to well-organized interest groups.
c. middle-income taxpayers to both the rich and the poor.
d. well-organized businesses and labor groups to consumers.
B
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Refer to Exhibit 10-3. When disposable income equals $2,300, saving equals
a. -$20. b. -$10. c. 0. d. $10. e. $20.
A perfectly inelastic demand:
A. has an absolute value greater than 1. B. is demonstrated by a perfectly horizontal demand curve. C. means people will quickly change the quantity they purchase when price changes. D. means people will not respond to any change in price.
Education increases the stock of which factor of production?
A) physical capital B) human capital C) land D) entrepreneurship
Unless circumstances are quite out of the ordinary, a supply curve will be
A. horizontal. B. vertical. C. upward sloping. D. downward sloping.