According to public choice theory, policymakers Group of answer choices place the interests of the public above their own self-interest. are likely to pursue their own self-interest, even if their self-interest conflicts with the public interest. act in ways to maximize economic efficiency. act in ways to bring about an equitable distribution of society's wealth.

According to public choice theory, policymakers Group of answer choices place the interests of the public above their own self-interest. are likely to pursue their own self-interest, even if their self-interest conflicts with the public interest. act in ways to maximize economic efficiency. act in ways to bring about an equitable distribution of society's wealth.

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter4: Markets In Action

Section: Chapter Questions

Problem 19SQ

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Economists James Buchanan and Gordon Tullock are well-known for developing Group of answer choices the impossibility theorem. the voting paradox. the public choice model. the concept of government failure.
One popular way governments try to ameliorate market failures is by imposing taxes or offering subsidies. These policies change prices of goods and services so that individuals ___________ the _________ environmental effects of their production and consumption decisions. Fill in the gaps above.
Which of the following predictions is consistent with public choice theory? a. Voters always cast votes based on hard facts, not based on whether they like a candidate's personality. b. Legislation enacted is rarely a result of special interest legislation. c. Many voters will be uninformed on political and government issues. d. Voters always cast votes based on whether they like a candidate's personality, not on hard facts.
As it relates to a public good, nonrivalry means that: the public sector is able to provide the good profitably. there is no need or demand for the good. either the public sector or the public sector can produce the good, but not both. one person's benefit from the good does not reduce the benefit available to others.
Define Public Policy according to Laswell
How, if any, does the invisible hand affect government resource allocation? Group of answer choices A. It rewards government bureaucrats who are most efficient at implementing public policies. B. It does not help resource allocation, as there are no competitive forces within government that automatically direct resources to their best. C. It enhances govenment efficiency by promoting competition for resources within government. D. It reduces government efficiency by sending market signals that interfere with government decision making.
"Government failure" is a prominent topic in: public choice theory. Keynesian economics. socialist theory. behavioral economics.
When assessing the optimal size of the public sector, the benefits of government action Multiple Choice can be accurately measured using the market price of the public good. can be accurately measured by ballot box economics. are more easily estimated than the costs. must often be estimated.
Which of the following statements is inaccurate? Multiple Choice There is substantial agreement about how and when markets fail. There is substantial agreement about whether government improves market outcomes. Voters are quick to blame government meddling for many economic woes. Ideally, the market mechanism will lead an economy to the optimal mix of output.
Economists like markets because, generally speaking... Question 2 options: production is organized by government organizations. efficiency can be attained in the market with no government intervention. the allocation of resources is planned by the government. efficiency is usually be achieved by majority rule. efficiency is generally obtained by using a command system.
Advocates of a market orientation argue that exclusive reliance on the visible hand of government will never bring spending address control. The missing component has been the invisible hand of the market pricing mechanisms. Patient spending their own money have an incentive to control spending. Comment.
In today's economies, governments have a defined economic role, which is fundamentally oriented towards regulating private activities, subsidizing private activity and promoting investment and employment generation. Specifically, which of the following alternatives corresponds to the economic role(s) of governments in a market economy?I. Increase efficiency by ensuring competition, reduce externalities such as pollution, and provide public goods.II. To promote equity by using tax and spending programs to redistribute income in favor of certain groups.III. set a price ceiling on goods and services.Select one:a. I only.b. Only II.c. I and II.d. III only.e. I and III.