Which of the following is not a viewpoint of the self-interest theory of government?
A. Politicians and bureaucrats pursue their own interests rather than public interests.
B. Politicians may have an incentive to gain renown by pursuing a public program the cost of which exceeds its benefits.
C. Limitations on taxes and spending are considered as safeguards against the selfish behavior of government officials.
D. Government officials are assumed to align their interests with public interests.
Answer: D
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In the European Union, resale price maintenance is generally illegal is the selling firm has more than a ________ percent market share of the product being sold or the buying firm makes more than a ________ percent market share of the product purchases.
A) 30; 30 B) 50; 50 C) 30; 50 D) 50; 30
Michigan has an abundant supply of fresh water. However, an economist would consider it a scarce resource because
a. water is necessary for humans' physical survival b. pollution will eventually destroy all life in the Great Lakes c. water is limited relative to people's unlimited wants d. water commands a very high price e. nature can destroy water as well as create it
When market exchange occurs voluntarily in a competitive market
a. choice incurs no opportunity cost b. the sum of consumer surplus and producer surplus is maximized c. both consumer surplus and producer surplus are eliminated d. buyers benefit at the expense of producers e. the exchange confers no net benefit to the participants
As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because
A. resources are not equally well suited to producing all goods, and as more of a good is produced, it is necessary to use resources less well suited to the production of that good. B. as more of a good is produced, the quality of that good declines, and therefore the costs of production increase. C. consumers would be willing to pay higher prices for the good as more of the good is produced. D. as more of a good is produced, the inputs used to produce that good will increase in price.