Government action will often result in the counterproductive use of resources because
a. there is often a conflict between winning political elections and adoption of only productive programs.
b. many politicians are not interested in how their legislative votes will influence their chances of winning future elections.
c. politicians are often unwilling to listen to interest groups that have specialized knowledge.
d. voter participation is low; if more people voted, the political process would be more efficient.
A
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Theories of international economics from the 18th and 19th Centuries are
A) not relevant to current policy analysis. B) only of moderate relevance in today's modern international economy. C) highly relevant in today's modern international economy. D) the only theories that actually relevant to modern international economy. E) not well understood by modern mathematically oriented theorists.
Personal income is:
A. total income received by households after taxes. B. the amount households have available for consumption, savings, and payment of personal taxes. C. national income plus corporate profits and Social Security (FICA) plus transfer payments, and other income. D. equal to gross domestic product.
A limit on the amount of strawberries that can be imported into the United States is an example of
A) the rationing function of prices protecting domestic strawberry farmers. B) a price floor set by the government. C) a price ceiling set by government. D) an import quota.
A product that has an elastic demand curve has all of the following characteristics EXCEPT
A. it has many substitutes. B. a consumer can wait to buy the product. C. it is a large part of a consumer's income. D. it has few or no substitutes.