A game in which any gains one player makes are offset by equal losses by another player is known as a
A. zero-sum game.
B. positive-sum game.
C. negative-sum game.
D. cooperative game.
Answer: A
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An increase in autonomous taxes
A) increases autonomous planned spending by an equal amount. B) decreases autonomous planned spending by an equal amount. C) increases consumption by that amount times the marginal propensity to consume. D) decreases saving by that amount times the marginal propensity to save.
A merger between two firms manufacturing electrical machinery is a
What will be an ideal response?
When there is an increase in the price of a good,
A. the demand curve will shift to the left. B. the elasticity of demand will determine the degree to which quantity demanded rises. C. the demand curve will shift to the right. D. the elasticity of demand will determine the degree to which quantity demanded falls.
Answer the following statements true (T) or false (F)
1. The "principal-agent problem" often arises in public choice when politicians pursue the best interests of their constituents. 2. In thinking about the "principal-agent problem" in a democratic government, we assign the role of "principal" to the government. 3. The special interest effect in government is the reason why firms in some industries are willing to pay huge amounts of money to lobbyists. 4. When the special-interest effect is the major reason for the passage of a government policy or project, then economic efficiency will always improve. 5. The "pork" in pork-barrel politics refers to government projects that politicians try to secure in favor of the common good for the whole nation.