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Rational behavior can be applied to
a) individuals
b) politicians
c) government officals
d) all of the above
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- The rules of politics are not always the same as the rules of economics. In discussions of setting budgets for government agencies, there is a strategy called “closing the Washington Monument.” When an agency faces the unwelcome prospect of a budget cut, it may decide to close a high-visibility attraction enjoyed by many people (like the Washington Monument). Is this strategy economically efficient? In other words, does it minimize the utility loss from a budget cut? Explain. If this strategy is not economically efficient, what is the incentive to pursue such a strategy?29 Choice obliges us to give up something while it enables us to achieve something. What is this condition called? a) Marsall effect B) externality NS) trade off D) crowding out TO) Fisher effectEconomists 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.
- According to a corporate customer, "hourly charging shifts economic incentives in the incorrect direction." (a) What did the customer imply by this statement? (b) Does the statement make sense? (c) Will hourly billing inevitably cause incentives that are counterproductive?Nobel Prize-winning economist Gary Becker suggested that prohibited drugs should be legalized and then taxed. This would the seller's cost and government revenue. a) increase; decrease b) decrease; increase c) increase; increase d) decrease; decrease31) People respond to incentives A) by ignoring negative incentives and responding to positive incentives only. B) only when they are irrational. C) by calculating their individual costs and benefits and determining which is greater. D) when they have low incomes. 32) The threat of a large fine for failure to pay income taxes is an example of A) the excessive power of the Internal Revenue Service. B) the ineffectiveness of incentives to get people to pay their taxes. C) a negative incentive to get all people to pay taxes. D) people failing to consider all the benefits the government provides them. 33) A politician says that the government should tax behavior they want less of and subsidize behavior they want more of. This is an example of A) cynical behavior in modern democracies. B) failing to consider the alternatives available to the government. C) a concern that people are not rational when they make decisions. D) using incentives to alter…
- e. What happens when government imposes a tax of 60 cents per gallon on buyers?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.Question 18: Economic theory attempts to predict the outcomes and impacts of a behavior with an assumed set of conditions. A True B False
- What is the significance of the concept of rational ignorance? Question options: It explains why voters are swayed by single-issue voting. It explains why the majority of voters feel that their vote is important in determining the outcome of an election. It explains how false or exaggerated political advertising influences voting behavior. It explains why many people do not vote.A well educated society can be considered which of the following, as it pertains to economics? Negative Externality Positive Externality Economic Relief Social WelfarePut yourself in the shoes of the Egyptian Government. The country is already suffering from severe water shortages. In the future, the number of people needing water is going up drastically and the amount of water available will decrease once the dam in Ethiopia is finished. What actions does the government have available? Come up with three options. Discuss the cost/benefits or pros/cons of each option. Evaluate the options and determine which one would be the best for the people of Egypt and their security.
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