The branch of economics that attempts to understand the outcomes observed in the public sector by examining the incentives faced by the individual actors involved (such as voters, politicians, and bureaucrats) is known as
a. private choice analysis.
b. public choice analysis.
c. government operations analysis.
d. incentive analysis.
B
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_______ is the percentage change in the quantity of good A that is demanded as a result of a percentage change in the price of good B.
a. Elasticity of savings b. Cross-price elasticity of demand c. Income elasticity of demand d. Wage elasticity of labor supply
During the last sixty years, the broad stock market (Standard and Poor's 500 Index) yielded an average annual nominal rate of return of approximately ____ and real rate of return of approximately ____
a. 5 percent; 2 percent b. 10 percent; 7 percent c. 17 percent; 9 percent d. 9 percent; 17 percent
Under school voucher systems, financial support goes to
A. to the school. B. to the state. C. to the city. D. to the family.
When market wages increase in a perfectly competitive market, then
A. the marginal factor cost increases. B. the marginal factor cost decreases. C. the marginal product decreases. D. the marginal product increases.