When decisions are made by majority rule, elected officials have a strong incentive to
A) keep taxes low, run budget surpluses, and spend taxpayer funds wisely.
B) protect individual rights and avoid favoritism of some individuals and voting blocs relative to others.
C) take resources from taxpayers and use them to provide favors for various voting blocs in exchange for contributions and other forms of political support.
D) serve the interest of consumers and taxpayers, and undertake only projects that are efficient.
C) take resources from taxpayers and use them to provide favors for various voting blocs in exchange for contributions and other forms of political support.
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The effect of a decrease in the price of personal computers, other things constant, is likely to be best represented by which of the following?
a. a leftward shift of the demand curve b. a movement leftward along the demand curve c. a rightward shift of the demand curve d. a movement rightward along the demand curve e. a rightward shift of the supply curve
If the Fed aims to achieve a level of unemployment below its natural rate, it must follow time-inconsistent policies
a. True b. False Indicate whether the statement is true or false
A study of actual business people showed that most believe their ATC curve is declining until production capacity is reached
Indicate whether the statement is true or false
The ability to shift a tax burden depends on the relative elasticities of demand and supply for the taxed commodity.
Answer the following statement true (T) or false (F)