What is logrolling?
A) a situation where a policymaker gets the government to fund a non-essential project benefiting her family members
B) a situation where a policymaker accepts bribes to prevent proposed legislation from coming to a vote
C) a situation where policymakers transfer resources from those voters who are unlikely to have a huge impact on the political outcome to those who contribute to political campaigns
D) a situation where a policymaker votes to approve a bill in exchange for favorable votes from his colleagues on other bills
D
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The use of money as a medium of exchange
I. lowers transaction costs. II. permits more specialization. A) I only B) II only C) Neither I nor II D) Both I and II
Suppose your donut shop earns $24,000 in total revenues per month with explicit costs of $12,000 and opportunity costs of $8,000. Your accounting profit is
A) $16,000. B) $12,000. C) $4,000. D) zero.
A supply curve shows quantities supplied at various prices. It also shows the
A) total profit the firm earns at a given level of output. B) marginal benefit of the good. C) total cost of production. D) marginal cost of production. E) producer surplus, which is equal to the slope of the supply curve.
Which of the following is a justification for taxes?
a. the ability-to-pay principle b. the progressive tax principle c. the proportional tax principle d. the regressive tax principle e. the desire of the government to spend more funds