Economists James Buchanan and Gordon Tullock are well-known for developing
A) the concept of government failure. B) the voting paradox.
C) the impossibility theorem. D) the public choice model.
D
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The supply curve for loanable funds would increase due to a(n)
A) increase in wealth. B) increase in expected inflation. C) decrease in the liquidity of bonds relative to other assets. D) increase in the information costs of bonds relative to other assets.
Free riding can be found in team structures
Indicate whether the statement is true or false
When the economy is operating below full-employment capacity, a recessionary gap is said to exist
Indicate whether the statement is true or false
A country with a trade surplus is:
A. consuming up to the level of potential production. B. consuming more than it produces. C. producing more than it consumes. D. producing up to the level of desired consumption.