Answer the following statement(s) true (T) or false (F)
1. People put more effort into choosing political candidates than into choosing major purchases.
2. Rational ignorance suggests that people should not vote.
3. Special interest groups have no political power.
4. Public choice economists would like a smaller government presence.
5. Logrolling is a deal between a corporation and the government.
1. False
2. False
3. False
4. True
5. False
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Studies show that business executives are generally more dishonest than the average professional
Indicate whether the statement is true or false
If nominal gross domestic product is $4,800 and the money supply is $600, the velocity of money is _____
a. 18.3 b. 8 c. 4.57 d. 12
The Mincer earnings function is used to estimate
A. the age earnings profile. B. ability bias. C. the value of the marginal product of labor. D. the social return to schooling. E. the signaling effect.
A characteristic of a modern economy is
A. self-sufficiency. B. specialization and exchange. C. a high percentage of people who make their living as jacks-of-all-trades. D. a high proportion of people employed in agriculture.