Congressman Flack votes for a program that will benefit the constituents of Congressman Walpole. The public choice model suggests that Flack's vote is best explained by which of the following?
A) logrolling B) the voting paradox C) party loyalty D) rational ignorance
A
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For the firm in Figure 8.1, the profit-maximizing (loss-minimizing) price and level of output are:
A) P2 and Q2. B) P1 and Q1. C) P4 and Q1. D) P3 and Q1.
If a horizontal merger lowers the cost of production and increases the total surplus in the market, which of the following is also likely to have occurred?
A) The producer surplus decreased. B) The consumer surplus increased. C) The consumer surplus decreased. D) The producer surplus did not change.
Would you expect a tax on cigarettes to be more effective at discouraging consumption over the long run or the short run?
A. Long run because demand becomes more elastic over time B. Long run because demand becomes less elastic over time C. Short run because demand becomes more elastic over time D. Short run because demand becomes less elastic over time
Refer to the above graph. Which of the following statements about combination G is true?
a. The nation cannot produce combination D. b. The nation would prefer to be at combination F than at combination G c. The nation can currently produce combination G. d. The nation cannot produce combination G because of insufficient resources and technology