Voting as a mechanism for public choice is associated with a number of problems including
A. disengaged voters with very little incentive to inform themselves of the issues.
B. majority rule voting can lead to contradictory and inconsistent results.
C. logrolling.
D. all of the above.
Answer: D
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Most governments subsidize basic education because
A) there are external costs associated with well educated citizens. B) the marginal social benefit of education is greater than the marginal private benefit. C) of the existence of private schools. D) None of the above answers are correct.
On a balance sheet, short-term debts such as accounts payable are listed as
A) current liabilities. B) stockholder's equity. C) goodwill. D) current assets.
The producer price index measures:
A) the prices consumers pay for final goods and services. B) the prices firms pay for crude and intermediate materials as well as finished goods. C) the prices the government pays for final goods and services. D) none of the above.
There are two independent dealers for Sporto automobiles in a large city
The dealers decide to run a cooperative advertising campaign in which both dealers are listed in local newspapers ads, and they can purchase larger ads that are more likely to attract attention and generate more auto sales if the dealers commit more funds to the joint advertising budget. Is this an example of a cooperative constant-sum game? A) Yes, each firm can contribute zero to 100 percent of the advertising budget, so this is a constant-sum game. B) Yes, all negotiated outcomes between two firms are cooperative and constant-sum situations. C) No, the outcome of the advertising campaign depends on how much money the firms contribute to the campaign, so it is not constant sum. D) No, the firms are independent, so their interaction cannot be cooperative.