Government failure will likely arise if
A. The free-rider problem occurs.
B. Public services have reliable market prices.
C. There are no valuation problems.
D. Government officials attempt to maximize their own utility.
Answer: D
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What will be an ideal response?
The measure of the relationship between a change in income and the consequent relative change in quantity demanded at a given price is the: a. cross elasticity of supply
b. elasticity of supply. c. cross elasticity of demand. d. income elasticity of demand.
Explain how the use of leading economic indicators to predict recessions can lead to less accurate policy decisions
Every value in a payoff matrix represents the:
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