According to public choice theory, which of the following groups will likely benefit the most from government income transfers under a system of representative democracy?
a. the poor
b. consumers
c. small businesses
d. concentrated interest groups
D
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Increasing U.S. trade deficits result in: a. federal budget surpluses
b. increased U.S. savings. c. reduced purchases of U.S. government bonds by people in other countries. d. accumulation of dollars overseas. e. increased U.S. investment abroad.
Which of the following examples would most likely happen in the short run?
a. A supermarket stays open all night because it covers its variable costs and part of its fixed costs. b. A restaurant stays open for breakfast even though it fails to cover its variable and fixed costs. c. A driving range stays open all night because it covers some variable costs and no fixed costs. d. A movie theater stays open for matinees even though it fails to cover any fixed costs.
Specialization and the division of labor typically result in
A) cost overruns. B) increased output. C) decreased output. D) a greater reliance upon imports.
If a farmer buys one-hundred more acres for her flower farm, she is making a
A. short-run decision. B. long-run decision. C. immediate-run decision. D. variable-input decision.