The theory of public choice
A) is the theory of how government decides on what military hardware to purchase.
B) considers government decision-making efficient.
C) is the study of collective decision making.
D) is the study of how negative externalities can be reduced.
C
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How wages are determined is best described by
A. political and social forces (such as unions) only. B. economic factors only. C. government regulation only. D. economic factors, with strong influences by political and social forces (such as unions).
A depreciation of the Mexican peso relative to the U.S. dollar would ________ Mexican firms that are exporting goods to the United States and would ________ Mexican firms that have borrowed in U.S. dollars
A) help; help B) help; hurt C) hurt; help D) hurt; hurt
A consumer's budget line for food (F) and shelter (S) is represented as F = 250 - 5S. If this consumer's income increases by $10 and consumption of shelter remains unchanged, how many more units of shelter can be purchased at most?
A) 10 B) 20 C) 50 D) 2
When a person can pass some of her costs of using a resource on to someone else,
A) the use of the resource is not affected by her actions. B) the internal costs of using the resource exceed the private costs. C) she uses too much of the resource. D) she uses too little of the resource.