The theory of public choice
A. Explains the selfless pursuit of public goals by public servants.
B. Examines why the public rejects so many bond referendums.
C. Examines how a policy of laissez faire works to allocate resources.
D. Emphasizes the self-interest of decision makers and voters.
Answer: D
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Using the data in the above table, if potential GDP for this economy is $25 billion, then at the present moment real GDP is
A) less than potential GDP. B) equal to potential GDP. C) greater than potential GDP. D) at the full-employment level of output. E) not comparable to potential GDP.
Nominal income:
A. Reflects the purchasing power of money. B. Is income adjusted for inflation. C. Is the amount of money income, measured in current dollars. D. Is the amount of money income, measured in constant dollars.
Which of the following does not affect the marginal physical product of labor?
A. A worker’s abilities and degree of work effort B. The amount of capital available per worker C. The technical know-how of the management of the firm D. An increase in wages
Any restriction on the ease of exchanging on currency for another tends to harm
A. both the prospective import purchaser and the prospective export manufacturer. B. no one. C. only the prospective purchaser of imported goods. D. only the prospective manufacturer of goods for export.