Microeconomics

From an economic point of view, the idea of establishing a government

From an economic point of view, the idea of establishing a government to further the will of the majority _____. a. means that marginal political costs and marginal political benefits are being equalized b. makes sense because the majority could exploit the minority c. does not make any sense because the majority could exploit the […]

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Date: September 9th, 2020

Since there are many special interests lobbying in favor of different

Since there are many special interests lobbying in favor of different tax changes but no special interests lobbying in favor of the public interest, this suggests that tax code changes will _____. a. lead towards more regressive taxation b. will favor special interests c. not be in the direction of efficiency d. b and c […]

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Date: September 9th, 2020

Overcrowding under public school choice is not a problem because _____

Overcrowding under public school choice is not a problem because _____. a. parents find crowded schools undesirable b. parents do not mind sending their kids to schools far away from home c. schools have the ability to drastically expand capacity in the short-run d. schools will be extremely exclusionary   ANSWER a  

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Date: September 9th, 2020

Representative democracy works best _____. a. to allocate resources w

Representative democracy works best _____. a. to allocate resources when constitutional rules limit the scope of collective action b. to equalize income when constitutional rules mandate a simple majority rule for all collective decision-making c. with a strong executive branch d. external costs of collective decision-making are extremely high   ANSWER a  

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Date: September 9th, 2020

Philosopher John Rawls developed a thought experiment to help determin

Philosopher John Rawls developed a thought experiment to help determine a standard by which we could say individuals are in agreement with the constitutional rules and, thus, actions of government. Behind his “veil of ignorance” _____. a. people know nothing about their friends and family b. people know nothing about themselves c. people know nothing […]

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Date: September 9th, 2020