Fred learns that a group, Butterfly Propaganda, is lobbying to get tax money to build little wooden buildings for migrating butterflies to stay in. He thinks this is a waste of money, and he feels pretty sure most people would agree with him and his desire to cut off the funding for Butterfly Propaganda. Why doesn’t Fred take action and challenge Butterfly Propaganda?
a. There is no way he could beat a powerful special interest group.
b. Only elected representatives can pose a challenge to how tax dollars are distributed.
c. The government sets the budget years in advance, and he would see no immediate change in funding.
d. The personal cost of fighting them would far outweigh the cost of his few tax dollars that go to them.
d. The personal cost of fighting them would far outweigh the cost of his few tax dollars that go to them.
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Refer to Figure 2.1. What is the opportunity cost of increasing production of manufactured products from 500 tons to 600 tons per year?
A) 200 tons of agricultural products per year B) 400 tons of agricultural products per year C) 500 tons of agricultural products per year D) 600 tons of agricultural products per year
A voting procedure in which the winner must defeat each of the other alternatives in head-to-head contests is known as the
A) Borda-count method. B) Condorcet method. C) instant runoff method. D) plurality-rule method
Marginal utility diminishes as consumption of a good decreases
Indicate whether the statement is true or false
Suppose the United States has a comparative advantage over Mexico in producing pork. The principle of comparative advantage asserts that
a. the United States should produce more pork than what it requires and export some of it to Mexico. b. the United States should produce a moderate quantity of pork and import the remainder of what it requires from Mexico. c. the United States should refrain altogether from producing pork and import all of what it requires from Mexico. d. Mexico has nothing to gain from importing United States pork.