Budget maximization by bureaus leads to
a. efficient budgets
b. budgets greater than those desired by median voters
c. budgets less than those desired by median voters
d. budgets equal to those desired by median voters
e. budgets less than those desired by the majority of voters
B
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Which of the following will lead to a higher interest rate on a loan?
A) lower inflation B) lower opportunity cost C) increased perceived risk of default D) reduced likelihood of borrower not paying the loan
Along a straight-line production possibilities curve:
a. the opportunity cost of production of a good is zero b. the opportunity cost of production of a good falls as its output increases. c. the opportunity cost of production of a good rises as its output increases. d. the opportunity cost of production of a good is constant.
In a market economy, we know that a resource has become scarcer when
a. its price rises relative to other prices. b. it is non-renewable and some of it is used. c. people search for substitutes. d. All of the above are correct.
Pollution is an externality, this means
A. the free market allows households and firms to consume a minimal amount of clean air. B. it is in the public interest to reduce pollution levels to zero. C. individuals and firms consume “free” air wastefully. D. the pricing system sets clean air at a high price.