Public choice theory indicates competitive forces provide a politician with a strong incentive to offer voters a bundle of political goods that she believes
a. is best for the economic and political situations the country faces.
b. will most likely clear the legislative process.
c. will increase the welfare of society.
d. will increase her chances of winning elections.
D
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It is common to see convenience stores open 24 hours a day even though many times late at night or in the early hours of the morning there are very few customers. What can explain this seemingly odd behavior?
What will be an ideal response?
It is believed, by many, that the underground economy has grown in the United States in recent years causing c to increase and to be volatile
This event implies that the money multiplier should ________ and that the Fed should have a(n) ________ job in controlling the money supply. A) increase; easier B) increase; more difficult C) decrease; easier D) decrease; more difficult
Which of the following correctly defines the average propensity to consume (APC)?
A) change in planned consumption divided by change in real disposable income B) planned consumption divided by real disposable income C) real disposable income divided by planned consumption D) change in real disposable income divided by change in planned consumption
Which of the following statements about pollution or pollution control is TRUE?
A) A nationwide uniform tax on emissions is the appropriate way to reduce pollution levels. B) A tax to reduce pollution levels should be based on the economic damages rather than on the absolute amount of pollution. C) Private costs of pollution usually exceed social costs. D) The optimum amount of pollution abatement is where the total benefits of pollution abatement equal the total costs of pollution abatement.