According to public choice theorists, the primary concern of policy makers is
a. the public interest
b. achieving a social optimum for the economy as a whole
c. to protect their jobs
d. the provision of public goods
e. market failure
C
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All points on the firm's expansion path
a. give the firm the maximum possible profit. b. minimize the firm's cost of producing some level of output. c. have the same long-run average cost. d. make the marginal product of labor equal to the marginal product of capital.
Over half of government spending is discretionary spending
Indicate whether the statement is true or false
Gross domestic product (GDP) is defined as:
a. the market value of all final goods and services produced within the borders of a nation. b. incomes received by all of a nation's households. c. the quantity of each good and service produced by U.S. residents. d. none of these.
One bag of flour is sold for $1.00 to a bakery, which uses the flour to bake bread that is sold for $3.00 to consumers. A second bag of flour is sold for $1 to a grocery store who sells it to a consumer for $2.00 . Taking these four transactions into account, what is the effect on GDP?
a. GDP increases by $3.00. b. GDP increases by $5.00. c. GDP increases by $6.00. d. GDP increases by $7.00.