Public choice economists use models that focus on economic incentives as applied to politicians.
Answer the following statement true (T) or false (F)
True
This is how the public choice model is defined in the text.
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Which of the following are implicit costs for a typical firm?
a. Insurance costs. b. Electricity costs. c. Opportunity costs of capital owned and used by the firm. d. Cost of labor hired by the firm. e. The cost of raw materials.
Which of the following will be most likely to cause the production possibilities curve for a country to shift inward?
a. an increase in the labor force b. an increase in unemployment c. development of an improved technological method of production d. a decrease in the stock of physical capital
When commercial banks need more Federal Reserve Notes,
A) they call the Bureau of Engraving and Printing, which delivers the requested amount. B) they call the Board of Governors of the Fed, which delivers the requested amount. C) they ask their customers to exchange their Federal Reserve Notes for U.S. Treasury securities. D) they call the Treasury, which delivers the requested amount. E) they call their Federal Reserve District Bank, which delivers the requested amount.
The labor-force participation rate tells us the fraction of the population that
a. is able to participate in the labor market. b. has ever been employed. c. has chosen to participate in the labor market. d. has chosen not to participate in the labor market.