_____ _____ theory applies economic principles to public sector decision making
Fill in the blank(s) with the appropriate word(s).
Answer: Public choice
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An increase in pollution has caused a permanent increase in the rate of capital depreciation. This would cause
A) an increase in the capital—labor ratio. B) output per worker to fall. C) a decline in consumption per worker. D) the capital—labor ratio to be unaffected.
Backloaded compensation encourages
A) employee turnover. B) employee rollover. C) principals to be agents. D) employees to stay with the firm.
Which of the following leads to an underallocation of resources to a specific economic activity?
A) external costs B) external benefits C) marginal costs D) effluent benefits
Implicit costs are measured by
A. the lowest value of all alternative uses of inputs. B. the value of the next-best alternative uses of inputs. C. actual expenses paid by a firm. D. total revenues minus total costs.