Public choice theorists contend that:
A. government can efficiently correct instances of market system failure.
B. the existence of cost-benefit analysis has brought about the efficient use of resources in
the public sector.
C. public bureaucracies are inherently more efficient than private enterprises.
D. public bureaucracies are inherently less efficient than private enterprises.
Answer: D
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If people have more time to adjust to a price change,
a. demand becomes more elastic, and supply becomes less elastic b. demand becomes less elastic, and supply becomes more elastic c. both supply and demand become less elastic d. both supply and demand become more elastic e. elasticity of both demand and supply tends toward unity
If the price of pizza increases, the quantity of pizza demanded will fall because some consumers will switch to tacos, hamburgers, or submarine sanwiches. This is called the:
a. income effect b. the alternative effect c. the substitution effect d. the normal good effect
Traditional Keynesians would argue that fluctuations in aggregate demand are closely tied to fluctuations in investment
a. True b. False Indicate whether the statement is true or false
This table shows individual demand schedules for a market.Price of GoodBarney's DemandBetty's Demand$0.002023$0.501818$1.001611$1.50148$2.00126$2.50105According to the table shown, what can be said of Betty and Barney's demand for this good?
A. Neither Betty's nor Barney's demand follows the law of demand. B. Barney's demand follows the law of demand, but Betty's does not. C. Betty's and Barney's demand both follow the law of demand. D. Betty's demand follows the law of demand, but Barney's does not.