Which one of the following topics would be of the most interest to a public choice economist?
A. The theory of comparative advantage.
B. The law of increasing opportunity cost.
C. Inflation and unemployment.
D. Rent-seeking behavior.
Answer: D
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Federal individual income taxes illustrate the ability-to-pay principle of taxation
a. True b. False
The incorrect presumption that because two events tend to occur together, one must cause the other is the:
A) confusion of economists. B) blunder of science. C) fallacy of false cause. D) error of inclusion.
The law of demand implies that the quantity demanded of a commodity is inversely related to income, assuming other things that may affect demand remain the same.
a. true b. false
A decrease in the price level is likely to decrease the aggregate amount of output supplied in the short run because
A. the aggregate supply curve is vertical in the short run. B. interest rate is high in the short run. C. wages are sticky in the short run. D. wages change in the short run.