Which of the following would probably not result in acquiring human capital?
A. Purchasing a new piece of machinery.
B. Taking an economics course.
C. Playing varsity soccer.
D. Learning how to make chicken parmigiana.
Answer: A
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The public choice model can be used to examine voting models that contrast the manner in which collective decisions are made by governments (state, local, and federal) and the manner in which individual choices are made in markets
Which of the following descriptions is consistent with the difference between collective decision-making and decision-making in markets? A) Individuals are less likely to see their preferences represented in the outcomes of government policies than in the outcomes of markets. B) The cost of a government policy is determined by a majority vote of members of the public; decisions made in markets are based on individual willingness to pay. C) Choices made through government policies are more important than decisions individuals make through markets. D) Everyone who votes must agree with a decision made collectively through government, but in markets individuals can make their own choices.
As a consumer consumes more and more of a product in a particular time period, eventually marginal utility
A) fluctuates. B) rises. C) is constant. D) declines.
Governments often choose to regulate monopolies, rather than break them up into smaller firms, because monopolies often are
a. entitled to economic profits b. very big and politically powerful c. more efficient producers d. providing useful goods and services that would not otherwise be provided e. heavily subsidized
What are the twin goals of the Federal Reserve Bank?
a) Low unemployment and zero inflation. b) No unemployment and stable prices. c) Low unemployment and stable prices. d) No unemployment and zero inflation.