The branch of economics that examines the self-interested behavior of politicians, lobbyists, agencies, bureaucrats, and voters is called
A) microeconomics.
B) macroeconomics.
C) econometrics.
D) public choice.
D
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Suppose there are only two goods: food and clothing. What does it mean for the U.S. to have a comparative advantage in food production?
a. The U.S. needs fewer resources to grow a given amount of food than do other nations. b. The U.S. sacrifices less clothing production to grow a given amount of food than do other nations. c. In the U.S., food production needs fewer resources than does a comparable amount of clothing production. d. In the U.S., food production costs less than does clothing production.
When a tax is imposed on an item, it can generally be said that the incidence of the tax is
a. entirely on the buyer. b. entirely on the seller. c. on both the buyer and seller. d. not determined in this manner.
During the last four decades, the composition of federal spending has
a. been virtually unchanged, but federal spending as a share of GDP has declined substantially. b. been virtually unchanged, but federal spending as a share of GDP has increased sharply. c. shifted away from national defense and toward spending on income transfers and health care. d. shifted away from health care and income transfers and toward spending on national defense.
Which of the following measures absolute poverty?
A. Median income B. The lower quintile of income C. The poverty line D. The poverty standard