According to public choice theory, policymakers
A) act in ways to bring about an equitable distribution of society's wealth.
B) act in ways to maximize economic efficiency.
C) place the interests of the public above their own self-interest.
D) are likely to pursue their own self-interest, even if their self-interest conflicts with the public interest.
D
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The United States economy is
A. the third largest in the world. B. larger than all other national economies combined. C. the second largest in the world, behind Japan. D. the largest in the world.
Depreciation or consumption of fixed capital depreciation measures:
a. net investment less gross investment. b. the loss of productive ability due to capital intensive production. c. capital that is wasted in the production process. d. the value of existing capital stock used up in the production process. e. the decline in the value of inventories caused by inflation.
A government payment to producers for the difference between a target price and the price at which producers were able to sell their goods is known as a: a. subsidy
b. deficiency payment. c. producer surplus. d. price support.
Government expenditures on capital goods such as roads could increase aggregate supply. Such effects on aggregate supply are likely to matter more in the short run than in the long run
a. True b. False Indicate whether the statement is true or false