Politicians have often kissed babies to improve their re-election prospects. A rational politician will kiss babies as long as
A) the public is impressed.
B) the marginal benefits exceed the marginal costs.
C) there is a camera crew to document the activity.
D) the babies are cute.
B
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Public choice refers to
A) the decisions and decision-making processes that individuals go through to solve public problems. B) political decisions made in the interest of the public at large. C) the application of economic principles and tools to public-sector decision making. D) the process that individuals undergo to decide what goods and services they will purchase and consume. E) the process that individuals undergo to decide whether or not they will pursue a career government service.
The U.S. Federal expenditures for "pensions and income security" is dominated by
A. unemployment benefits. B. housing subsidies. C. Social Security payments. D. food stamps.
Suppose a decrease in the supply of paper results in an increase in revenue. This indicates that
A) the demand for paper is inelastic. B) the demand for paper is elastic. C) the supply of paper is inelastic. D) the supply of paper is elastic.
Under perfect competition,
A. final products are distributed among households equitably. B. resources are allocated among firms equitably. C. the system produces the goods and services consumers want. D. All of the above are correct.