Public choice theory focuses on the economics of
What will be an ideal response?
government decision making, politics, and elections.
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The Federal Reserve's narrowest definition of the money supply is
A) M0. B) M1. C) M2. D) M3.
Regarding the costs of regulation, which is a FALSE statement?
A) Airline safety standards have increased the price of air travel. B) Automobile safety standards raise the price of cars. C) Regulatory spending by federal agencies has decreased since 1970. D) Pharmaceutical manufacturing safety standards raise the price of drugs.
The primary area of growth in the modern U.S. economy is
a. the manufacturing sector. b. the agricultural sector. c. the service sector. d. the market for U.S. exports.
The socially optimal quantity of a public good is reached when the
a. total positive externality is maximized b. total negative externality equals total positive externality c. total negative externality equals the tax revenue d. total negative externality is minimized e. total tax revenue is minimized