In deciding between using a public bureau or a private firm to collect garbage, elected officials may prefer a public bureau because
a. public bureaus have been shown to be more efficient than private firms in garbage collection
b. they can convey political favors by giving people jobs in the public bureau
c. public bureaus will be more responsive to consumers
d. citizens would have to pay if private firms collected garbage
e. taxes will be lower if the public bureau is in charge of garbage collection
B
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A complete accounting of the costs of the tax system would not include _____
a. compliance costs b. legislative costs c. administrative costs d. political costs
Open market operations are
A) the buying and selling of existing U.S. government securities in open private markets by the Fed in order to change the money supply. B) the buying and selling of existing U.S. government securities in open private markets by citizens. C) the selling of new government securities by banks in order to increase the money supply. D) the selling of new government securities in open private markets by banks in order to finance the deficit.
Suppose the index of leading economic indicators begins to decline for several months. Which of the following economic events will likely follow?
a. A recession. b. Severe inflation. c. Greater employment. d. Higher investment.
A price follower in an oligopoly is a competitor that ______.
a. requires customers to buy tied goods b. goes along with the pricing decision of the price leader c. acts as the dominant firm in price leadership d. produces a large portion of the total output