The public-choice view states that
a. all governments are bad and should be abolished.
b. macroeconomic policymakers are only interested in the social good.
c. policymakers in the public sector work for the public, whereas policymakers in the private sector have private interests.
d. macroeconomic policymakers act to maximize their own welfare rather than acting for the social good.
e. both c and d.
D
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Answer the following statement true (T) or false (F)
Rent seeking through lobbying
A) reduces deadweight loss. B) uses up resources that result in additional costs to society. C) results in perfect price discrimination. D) results in perfectly competitive industries.
A private good is characterized by excludability and depletability.
Answer the following statement true (T) or false (F)
If the demand for Insulin is highly inelastic, the burden of a tax on Insulin will be borne almost entirely by sellers.
Answer the following statement true (T) or false (F)