According to the special-interest theory of government, government officials and policymakers:
A. are assumed to maximize the social good.
B. tend to listen to small groups of people who contribute money to their political campaigns.
C. manage resources to maximize efficiency.
D. have a strong incentive to ensure that society's members equally benefit from a project.
Answer: B
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Business debt is an example of a lagging indicator
Indicate whether the statement is true or false
In a short-run production process, the marginal cost is rising and the average total cost is falling as output is increased. Thus, marginal cost is
A) below average total cost. B) above average total cost. C) between the average variable and average total cost curves. D) below average fixed cost.
Jermaine’s country is relatively small and does not have many natural resources. Nonetheless, it has enjoyed strong economic growth and has become one of the 20 wealthiest countries in the world. How is this possible?
a. Abundant natural resources are often more harmful than helpful to economic growth. b. A lack of natural resources poses no barrier to economic growth. c. Economic growth is unrelated to the availability of natural resources. d. Natural resources are important, but sustained growth depends on other factors.
In the figure above, what is the point price elasticity of demand when price is $80?
A. -0.50 B. -1.00 C. -2.00 D. -1.60 E. -0.75