The economic way of thinking views government as a social institution
A) in which people do not compete.
B) in which the public interest has priority over private interests.
C) whose actions are controlled by the will of the majority.
D) whose actions are determined by individuals' perceptions of their self-interest.
D
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Which of the following is the best example of a command-and-control regulation?
a. Effluent taxes on pollutants. b. Emissions trading. c. Requiring automobiles to have catalytic converters. d. Offset programs.
In an interview an economist states, "This problem should be of greater concern to the federal government." We can explicitly put this statement in the category of
A) microeconomics. B) macroeconomics. C) positive economics. D) normative economics.
The benefits-received principle of taxation is used to support corporate and personal income taxes.
Answer the following statement true (T) or false (F)
In a perfectly competitive industry, an individual firm faces
A. a perfectly elastic labor supply curve. B. a perfectly inelastic labor supply curve. C. a perfectly vertical labor supply curve. D. none of these.