The budget deficit is defined as
A) T + (G + TR), and this is negative. B) T - (G + TR), and this is positive.
C) T - (G + TR), and this is negative. D) T + (G - TR), and this is negative.
C
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Intellectual property
A) is protected by common law rather than by written laws. B) is protected by people's sense of decency rather than by written laws. C) belongs to everyone with the necessary human capital to use it. D) is often protected by copyrights and patents.
Some economists have argued that certain characteristics of the delivery of health care justify government intervention. One of these characteristics is
A) health care is nonrivalrous and nonexcludable. B) health care generates negative externalities. C) health care is a public good. D) health care generates positive externalities.
A cost of aggregation is that:
A. details about individual households and firms are lost. B. broad economic trends are obscured. C. the "big picture" cannot be studied. D. economy-wide totals cannot be obtained.
Public choice economists hold that politicians will:
A. favor programs entailing immediate and clear-cut costs and vaguely defined or deferred benefits. B. follow policies leading to an optimal allocation of resources between public and private sectors. C. favor programs entailing immediate and clear-cut benefits and vaguely defined or deferred costs. D. objectively weigh the costs and benefits of various government programs and vote accordingly.