The concept of limited and bundled choice, as used in public choice theory, refers to the fact that:
A. Politicians may not be objective in evaluating economic policy programs
B. Because of the importance of television and other modern communication techniques, the best and brightest candidates may not be selected by voters
C. In an election, voters must select a candidate who has various preferences in a wide array of issues
D. The most economically efficient public policy programs may not be selected because political leaders do not know enough about economics
C. In an election, voters must select a candidate who has various preferences in a wide array of issues
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What is personnel economics?
What will be an ideal response?
The severe oil shortages of the 1970s in the US created:
A. cost push inflation. B. demand pull inflation. C. a recession. D. an increase in the velocity of money.
As long as average revenue remains above average total cost:
A. the firm will be making profits. B. price will be greater than average total cost. C. total revenue will be higher than total cost. D. All of these are true.
What can cause the equilibrium quantity of a good to fall?
A. An increase in demand or an increase in supply B. A decrease in demand or a decrease in supply C. An increase in demand or a decrease in supply D. A decrease in demand or an increase in supply