Which of the following statements is a public choice economist most likely to agree with?
A) People who work for the federal government are naturally lazy, whereas people who work for private firms are naturally hard working.
B) Good government comes from good people, bad government comes from bad people.
C) Change the institutional arrangements, and you will change behavior.
D) Bad people naturally gravitate toward a career in politics.
E) Good people naturally gravitate toward a career in politics.
C
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According to this Application, in Peru, producing palm oil is very profitable but is a time consuming process. Producing coca paste, an ingredient in cocaine, is not as costly or as time consuming as the production of palm oil
To switch Peruvian farmers from producing an ingredient used for cocaine to producing the profitable and safe palm oil would require A) improvements in finance and the ability to borrow funds. B) informal ownership of property. C) governmental approval. D) cocaine being declared illegal in Peru.
By producing less, a firm can reduce
A) its fixed costs and its variable costs. B) its fixed costs but not its variable costs. C) its variable costs but not its fixed costs. D) neither its variable costs nor its fixed costs.
In regards to monopolistic competition, some economists argue that consumers are willing to pay a higher price in order to enjoy a wider selection of goods and services
a. True b. False
If an excess quantity of labor demanded exists in a free market, there is a tendency for
A. quantity demanded to fall. B. quantity supplied to rise. C. the wage rate to fall. D. the wage rate to rise.