Economic theory assumes elected and appointed government officials
A) place their personal or private welfare ahead of the public interest.
B) place the public interest ahead of any personal or private interests of their own.
C) are free to pursue the public interest because they aren't constrained by competition.
D) respond to the anticipated costs and benefits to themselves of decisions contemplated.
D
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According to the production possibilities model, if more resources are allocated to the production of physical and human capital, then all of the following are likely to happen except
A) the country's total production will fall. B) future economic growth is enhanced. C) the production possibilities frontier will be shift outward in the future. D) fewer goods will be produced for consumption today.
Which of the statements about price discrimination is (are) false?
a. It must be possible to segment the market. b. It must be difficult to transfer the seller's product from one market segment to another. c. Public utilities practice first-degree price discrimination. d. There must be differences in the elasticity of demand from one segment to another. e. c and d
The marginal revenue curve for a monopolist is
A. always above the demand curve. B. generally below the average cost curve. C. always above the average revenue curve. D. always below the demand curve.
Which of the following would NOT be expected to increase labor productivity?
A. Technological advance B. The acquisition of more education and training by the labor force C. An increase in the size of the labor force D. The realization of economies of scale