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1. A special interest group cannot impose its will on the majority because the perceived costs and benefits from government programs are the same for both groups
A)True
B)False
2. Cost-benefit analysis can be applied to individual decision-making and public choice theory.
3. Public choice theory argues that one reason for rational voter ignorance is the indivisibility of public service.
Calculate the unemployment and labour force participation rates in 2014 and in 2015 and what challenges would face the Greek government if they wanted to undertake fiscal policy to address the problems described in b?
Write down some of the characteristics of perfect competition. Which kinds of industries come closest to perfect competition in the real world?
In March 2004, Ireland was the first country in the world to introduce an outright ban on smoking in workplaces. In the analyses below, when drawing your diagrams assume that workers can choose among only two products to consume at work, namely tobac..
Curly's Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $33,000 per year forever.
During 2005, Orlando, Florida, was increasing rapidly, with new jobs luring young people into the area. Despite rise in population and income growth that expanded demand for housing,
Explain the difference between a normal good and an inferior good. Would your answers to question 7 change depending on whether this good is a normal or inferior good? Why?
Suppose that the economy of Tunisia in which there are two products, Determine dollar value of gross national income in Tunisia evaluated at exchange rate?
What is total U.S. government revenue from the tariff and if trade opens up, what will be the quantity of U.S. imports?
Explain the difference between the demand curve facing the monopoly firm and demand curve facing the perfectly competitive firm.
Shares of consumption, investment, and government spending as a part of GDP. Use nominal GDP for these calculations. Biggest contributor in GDP.
During the debate over NAFTA, opponents argue that given the relative size of the two economies, the income gains resulting from the agreement would be smaller for the United States than for Mexico.
A monopolist that practices perfect price discrimination will choose an output level where marginal revenue is equal to marginal cost to maximise profit.
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