A public choice theorist would be most likely to say that government failure is a consequence of the
A) actions of selfish and corrupt politicians.
B) rational behavior of the participants of the political process.
C) irrational behavior of voters.
D) irrational behavior of special interest groups.
B
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The division of the burden of a sales or excise tax on demanders and suppliers:
a. Is always equal. b. Is always higher for demanders. c. Is always higher for suppliers. d. Depends on the shapes of the demand and supply curves.
Borrowers and lenders make transactions based on the
A) expected real interest rate less the expected rate of inflation. B) real interest rate. C) expected real interest rate. D) expected nominal interest rate.
Discrimination has no impact on the total output of goods and services
Indicate whether the statement is true or false
One necessary step in demonstrating monopolistic behavior is to define the market. In this process, defendants would:
a. claim that the market was not in equilibrium. b. want the market defined as narrowly as possible. c. deny that a market existed. d. assert that the market was not stable. e. want the market defined as broadly as possible.