Economists often analyze the interaction of individuals and firms in markets
Economists also examine the actions of individuals and firms as they attempt to use government to make themselves better off at the expense of others, a process that is referred to as
A) the public choice initiative. B) rent seeking.
C) logrolling. D) government failure.
B
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If you withdraw currency from your bank savings account, you are
A) increasing M1, decreasing M2. B) increasing both M1 and M2. C) decreasing both M1 and M2. D) not affecting M1 or M2. E) increasing M1 but not affecting M2.
Who won a Nobel Prize in economics for his work in the development of game theory?
A) John Nash B) Oskar Morgenstern C) Howard Schultz D) John von Neuman
If quantity demanded for rice falls by 4% when price increases 8%, we know that the absolute value of the own-price elasticity of rice is: a. 2.5
b. 0.5. c. 2. d. 0.40.
When an economy is operating with maximum efficiency, the production of more of commodity A will entail the production of less of commodity B because
a. resources are specialized and are not shiftable. b. resources are limited. c. the structure of demand is fixed at any point in time. d. material wants are insatiable.