One key assumption of the theory of public choice is that individuals
A) are always in favor of the collective well-being of the public instead their own well-being.
B) are always concerned about the well-being of other individuals in society.
C) act differently between the public sector and the market sector.
D) act within the political process to maximize their individual well-being.
Answer: D
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If McDonald's, Wendy's, and Burger King agree with each other not to sell hamburgers for less than $3.95 apiece, all three could be found guilty of
A) an interlocking directorship under the Clayton Act. B) price fixing under the Sherman Act. C) a deceptive business practice under the Clayton Act. D) None of the above answers is correct.
In the short-run macro model, if aggregate expenditure is less than GDP, output will
a. decline as firms cut production to stop the buildup of inventories b. decline as firms increase their prices to stop the buildup of inventories c. increase as firms increase production to try to stop depletion of inventories d. increase as firms cut their prices to try to stop depletion of inventories e. remain unchanged indefinitely unless government takes action
What factors cause the Phillips curve to? shift? ?(Check all that apply.?)
A. supply shocks B. changes in the expected inflation rate C. changes in the actual inflation rate D. demand shocks
Which of the following sentences is the best example of scarcity of time?
a. Peter buys a hamburger. b. John-Michael wants to spend his money on a new hoverboard. c. Alexander is doing homework instead of going to the movies with his friends. d. Amanda, a geography teacher, is retired and spends her time gardening. e. Bill is unemployed.