Public choice theory emphasizes the role of self-interest in public decision-making.
Answer the following statement true (T) or false (F)
True
A central tenet of public choice theory is that bureaucrats are just as selfish (utility maximizing) as everyone else.
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In a centrally planned economy, resources are allocated primarily in accordance with directives from government agencies.
Answer the following statement true (T) or false (F)
Comparable worth legislation
A) guide markets toward the economically efficient wage. B) mandate that employers pay the same wages to workers, regardless of their gender, for jobs that have comparable worth. C) will eliminate the earnings gap between men and women. D) mandate that potential employers demonstrate that they are worth the wages they expect to earn.
Using the aggregate expenditure-output model, assume the aggregate expenditures (AE) line is above the 45-degree line at full-employment GDP. This vertical distance is called a(n):
a. inflationary gap. b. recessionary gap. c. negative GDP gap. d. marginal propensity to consume gap.
Which of the following is an example of a possessory property right?
a. The right to use a public park for morning walk. b. The right to park your car in your garage. c. The right to enjoy the fragrance of the flowers planted in your neighborhood. d. The right to travel in public transport.