Which of the following is used to argue that the self-interest of public policymakers will often lead to actions that are inconsistent with the preferences of the voters they represent?
A) the median voter theorem B) the voting paradox
C) rent seeking D) transitivity of voters' preferences
B
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Inflation occurs over time as a result of
A) long-run aggregate supply increasing faster than aggregate demand. B) long-run aggregate supply increasing faster than short-run aggregate supply. C) decreases in aggregate demand. D) aggregate demand increasing faster than long-run aggregate supply.
Although originally its articulation may have been a mistake, the rule of reason has become a useful principle for interpreting antitrust law
Indicate whether the statement is true or false
By subsidizing the provision of public education, the government
A) generates an increase in the quantity of educational services demanded. B) pushes the per-unit price that consumers pay for educational services below the market clearing price. C) pushes the per-unit price that producers of educational services receive above the market clearing price. D) All of the above
If you are willing to purchase a house for $300,000 and you purchase the house for $275,000 . this transaction will generate:
a. There is no surplus created b. $25,000 worth of seller surplus and unknown amount of buyer surplus c. $10,000 worth of buyer surplus and $15,000 of seller surplus d. $25,000 worth of buyer surplus and unknown amount of seller surplus