During a period of unanticipated inflation, the group that is most likely to benefit is
A. retired individuals.
B. savers.
C. creditors.
D. debtors.
Answer: D
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According to public choice theory, policymakers
A) act in ways to bring about an equitable distribution of society's wealth. B) act in ways to maximize economic efficiency. C) place the interests of the public above their own self-interest. D) are likely to pursue their own self-interest, even if their self-interest conflicts with the public interest.
If a 10 percent rise in the price of bananas leads to a 20 percent reduction in the quantity of bananas demanded, then the price elasticity of demand is 0.50
a. True b. False
Why does the government provide benefits in-kind? Why don't we just give money to low-income people?
The impossibility theorem is the idea that
A. private parties cannot arrive at the efficient solution without government intervention. B. it is impossible to exclude someone from enjoying the benefits of a public good. C. we cannot devise a voting scheme that respects individual preferences and gives consistent, non-arbitrary results. D. it is impossible for lawmakers to get legislation passed without agreeing to help other lawmakers get their legislation passed.