According to public choice theorists, the behavior of people employed in the public sector is likely to differ from the behavior of people employed in the private sector because
A) the two sectors are likely to attract people of different psychological profiles.
B) government employees are likely to exhibit more civic responsibility than private-sector employees.
C) the same objective to maximize one's net benefit will produce different behavior in different institutional settings.
D) all of the above
E) a and b
C
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Which of the following is an example of an activity that creates an external cost?
i. a smoker emitting second-hand smoke ii. sulfur emitting from a smoke stack iii. throwing garbage on the roadside A) i only B) i and ii C) iii only D) ii and iii E) i, ii, and iii
Economists generally agree that in the long run changes in aggregate demand affect
A) aggregate output but not the price level. B) the price level but not aggregate output. C) both the price level and aggregate output. D) neither the price level nor aggregate output.
With the technological developments in the twenty-first century, productivity growth is no longer an important factor in economic well-being.
Answer the following statement true (T) or false (F)
To counter the negative effects of the Great Recession, the U.S.
A. induced implosions in deficits through fiscal policies. B. increased the long-term interest rate to 8 percent. C. induced explosions in deficits through fiscal policies. D. reduced the inflation rate to zero.