Public choice analysis indicates
a. politicians under representative democracy are led as if by an invisible hand to adopt legislation that enhances the wealth of a nation.
b. political structures consistent with economic efficiency tend to emerge naturally from the ordinary political process.
c. constitutional rules establishing procedures and limiting the ability of the political process to engage in redistributive activities can improve the economic efficiency of government.
d. all of the above are correct.
C
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If profit from producing would be negative, producers will shut down. ?
Answer the following statement true (T) or false (F)
The demand for education is determined by the
a. demand for human capital. b. demand for nonhuman capital. c. supply of human capital. d. supply of nonhuman capital.
A competitive market for a product must be in equilibrium when:
a. Spending on the product is equal to the value of the quantity supplied b. There is no tendency for the price of the product to change c. The quantity of the product bought is less than the quantity of the product sold d. The number of consumers equals the number of producers
An entrepreneur is a person who does all of the following except
A. organizes and manages a firm. B. turns a new idea or product into a business. C. assumes the risk of a firm. D. always makes a profit.