The theory of public choice deals primarily with
A. how government regulations affect the decisions of individual consumers.
B. individual decisions in a free market.
C. government actions that do not reflect the preferences of consumers.
D. collective decision making.
Answer: D
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Define X = exports, M = imports, S = saving, I = investment, T = net taxes, G = government expenditure. Which of the following formulas is correct?
A) X - M = S - I - T - G B) X - M = S - I + T - G C) X - M = S + I + T - G D) X - M = S + I -T + G E) X - M = S + I +T + G
In the classical theory of the employment an increase in the rate of interest will ______ savings and ________ investment.
Fill in the blank(s) with the appropriate word(s).
Vertical integration:
A. is a spot exchange phenomenon. B. occurs when a firm produces its own inputs. C. occurs when a firm purchases its inputs in a market. D. is attractive when relationship-specific exchange is unimportant.
Utility is:
A. a measure of a consumer's income B. a way of describing a consumer's wants. C. only applicable to goods that are purchased. D. All of these are true.