Individual accountability within the government bureaucracy:
A) is not a problem because government bureaucrats are not affected by the self-interest that affects private sector individuals.
B) is easy to monitor because of the small size and scope of government.
C)tends to be lacking because of civil service protections and the complexity of government.
D) tends to be greater than in private firms, making government more efficient than private firms
C)tends to be lacking because of civil service protections and the complexity of government.
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What happens to the present value of $1 one year from now if the market rate of interest falls? Explain
What will be an ideal response?
Explain the time-inconsistency problem. What is the likely outcome of discretionary policy? What are the solutions to the time-inconsistency problem?
What will be an ideal response?
Historically, price discrimination was considered illegal in all instances. More recently, antitrust authorities have discovered that
A) price discrimination can increase the coverage of a market thereby increasing welfare. B) price discrimination limits the coverage of a market thereby increasing welfare. C) price discrimination limits the coverage of a market thereby decreasing welfare. D) price discrimination can increase the coverage of a market thereby decreasing welfare.
Oligopoly and monopolistic competition can be described as industries where firms
a. have high barriers to entry b. produce identical goods c. are located near each other d. produce close substitutes e. aspire to become perfect competitors