The public choice model asserts that the self-interest of policymakers is likely to cause them to take actions that are inconsistent with the preferences of voters, even where those preferences are clear
Indicate whether the statement is true or false
TRUE
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_________________—a term referring to the percentage change in the quantity of savings divided by the percentage change in interest rates.
a. Cross-price elasticity of demand b. Income elasticity of demand c. Elasticity of savings d. Wage elasticity of labor supply
The game that oligopolists play in trying to reach the oligopoly outcome is similar to the game that the two prisoners play in the prisoners' dilemma
a. True b. False Indicate whether the statement is true or false
Other things the same, as the price level rises, exchange rates
a. and interest rates rise. b. and interest rates fall. c. fall and interest rates rise. d. rise and interest rates fall.
If a firm converts a previously competitive industry into a monopoly without any changes in the cost curves, it will:
A.) increase output and price to generate more profit. B.) reduce output and raise price to generate more profit. C.) keep output the same but increase price to generate more profit. D.) reduce price and increase output to keep potential competitors from entering the industry.