When representatives vote on behalf of the people and make choices about the quantity of public goods provided,
a. the outcome is socially efficient
b. the outcome is the same as if individuals had purchased the goods on the market
c. they reflect the views of all people, not just the voters
d. voter surveys lead to too much of the public good being bought
e. government failure is a likely result
E
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Assuming no kinks in indifference curves and assuming our usual assumptions about tastes hold, someone who currently neither saves nor borrows will begin to borrow when the interest rate falls.
Answer the following statement true (T) or false (F)
Dynamic tax analysis assumes that
A) an increase in a tax rate may lead to a decrease in the tax base. B) an increase in a tax rate will lead to an increase in the tax base. C) an increase in a tax rate will leave the tax base unchanged. D) the tax base will always remain unchanged.
A tannery discovers a technology that makes it cheaper to reduce the air pollution it generates in making paper. On a graph of the optimal level of air quality, the use of the new technology would be represented by
a. a leftward shift of the marginal social cost curve b. a rightward shift of the marginal social cost curve c. movement to the right along the marginal social cost curve d. movement to the left along the marginal social cost curve e. a downward shift of the marginal net benefit curve
The reason that some people make more money than others is explained mainly by
A. training and education. B. intelligence. C. inborn skills or physical attributes. D. all of the choices/statements are true.