Public choice analysis suggests that bureaucrats and public-sector managers have a strong incentive to
a. economize on their spending so more funds will be available for other government programs.
b. ensure that their budget is exactly the size that would be considered economically efficient.
c. expand their budgets to sizes beyond what would be considered economically efficient.
d. keep individual legislators fully informed as to every expenditure.
C
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The difference between net public debt and gross public debt is
A) all government interagency borrowing. B) the interest paid annually on the public debt. C) the amount owed to individuals and firms outside the United States. D) the current year's budget deficit from the amount of public debt at the start of the year.
The upward slope of an aggregate expenditure line is determined by the real interest rate
a. True b. False Indicate whether the statement is true or false
If equilibrium is present in a market,
a. quantity demanded exceeds quantity supplied. b. quantity demanded equals quantity supplied. c. quantity supplied exceeds quantity demanded. d. the price of the product will tend to rise.
Behavioral economists accept that people ________ their well-being but sometimes ________.
A. try to minimize; maximize it B. try to maximize; make mistakes C. try to maximize; maximize their bad choices D. try to maximize; purposefully engage in less than optimal behavior.