Utilitarians believe that the proper goal of the government is to maximize the sum of the utilities of everyone in society
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following support the idea that monetary policy should be made by a rule?
a. the political business cycle and the time-inconsistency problem b. the political business cycle but not the time-inconsistency problem c. the time-inconsistency problem, but not the political business cycle d. neither the political business cycle nor the time-inconsistency problem
Public choice theory assumes that those involved in the public sector are generally motivated by
A) public spirit. B) altruism. C) the desire to achieve allocative efficiency. D) the same factors involved in the private sector. E) a and b
Since the 1970s, the M1 demand for money has been
A) relatively stable. B) unpredictable. C) constant. D) unmeasurable.
A tax on imports equal to a percentage of the cost of those imports is known as
a. a specific tariff b. an ad valorem tariff c. a tax on luxury goods only d. an effective quota e. an ad valorem quota