Public choice analysis
a. assumes individuals in the public sector seek to serve the public interest rather than their own personal interests.
b. is the study of the decision making of individual actors (such as voters, politicians, and bureaucrats) in the public sector.
c. suggests that individual voters have a greater incentive to become informed when making choices among political candidates than when making choices about the products they consume.
d. finds that the individuals managing government agencies generally have a much stronger incentive to be efficient than do individuals managing private businesses.
B
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In a small town the level of demand is capable of supporting only two gas stations. This market is
A) a natural duopoly. B) perfectly competitive because a homogeneous good is being sold. C) operating as if it was a monopoly. D) an example of monopolistic competition.
The above table gives some cost data for Peter's Pickles. Peter's fixed cost is $20. His total cost of producing 6 barrels of pickles is
A) $160. B) $180. C) $450. D) There is not enough information to answer the question.
The Federal Open Market Committee meets about
a. every six days. b. every six weeks. c. every six months. d. every sixteen months.
Suppose there are no barriers to entry in the market for facial tissues, where two brands dominate the industry. According to the theory of contestable markets, the price charged for facial tissues will be:
A. roughly equal to the cost of producing a box of facial tissue. B. far above the cost of producing a box of facial tissue. C. far below the cost of producing a box of facial tissue. D. much higher for the number-one-selling brand than it is for the number-two-selling brand.