From a normative perspective, the role of the budgeting process is to allocate scarce resources to their most highly valued uses
a. True b. False
a
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The demand curve represents the relationship between:
A. price and quantity demanded with everything else held constant. B. income and quantity demanded with everything else held constant. C. consumer preferences and quantity demanded with everything else held constant. D. income and price demanded with everything else held constant.
Because information and the time required to acquire and digest it are scarce,
a. consumers concentrate on private choices rather than on public choices b. consumers concentrate on public choices rather than on private choices c. it is irrational for consumers to remain ignorant of the costs and benefits of government proposals d. consumers have greater incentive to gather and act upon information about public choices than to gather and act upon information about their private choices e. an individual voter has more incentive to examine the performance records of candidates for public office
An effective import quota
a. lowers the price of imports b. lowers the price of domestic goods competing with imports c. increases the variety of goods available to the consumer d. increases tax revenues e. lowers the quantity demanded of the imported good
Evaluate the pros and cons of the repeal of the Glass-Steagall Act of 1933.
What will be an ideal response?