Legislators often gain by bundling a number of projects benefiting local districts at the expense of general taxpayers together on a single bill. Such legislation is called
a. market failure legislation.
b. the rational-ignorance effect.
c. public-goods legislation.
d. pork-barrel legislation.
D
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The figure below shows a firm that has two plants. Plant 1 has a marginal cost curve of mc1, plant 2 has a marginal cost curve of mc2, and the overall marginal cost curve is MC. Managers maximize their profit by producing ________ units at plant 1 and ________ units at plant 2.
A) 2 million; 4 million
B) 0; 5 million
C) 4 million; 5 million
D) None of the above answers is correct.
Granting a pharmaceutical company a patent for a new medicine will lead to (i) a product that is priced higher than it would be without the exclusive rights. (ii) incentives for pharmaceutical companies to invest in research and development. (iii) higher quantities of output than without the patent
a. (i) and (ii) only b. (ii) and (iii) only c. (i) and (iii) only d. (i), (ii), and (iii)
The ________ accommodates a much broader range of observed behavior than traditional economic models, but has been criticized because virtually any bizarre behavior can be explained by assuming people have a sufficiently strong taste for it.
A. present aim standard of rationality B. ultimatum bargaining game C. adaptive rationality standard D. availability heuristic
The logic of why international trade increases well-being is
A. a major revision of the logic of why trade within a country increases well-being. B. completely different from the logic of why trade within a country increases well-being. C. a narrow, special case of the logic of why trade within a country increases well-being. D. no different from the logic of why trade within a country increases well-being.