Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 6, Problem 12CQ
To determine
Explain the public policy to protect the average citizen from the power of vested interest groups.
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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.
As the Great Depression began in 1929, and millions of Americans found themselves in a terrible economic position, President Herbert Hoover was reluctant to involve the government in directly helping people. This decision helped lead to his loss in the presidential election of 1932. Put yourself in Hoover’s shoes—what reasons would he have for being opposed to large-scale government involvement in the economic lives of Americans? What reasons could be given for the government getting involved?
The rights established by the First Amendment to the United States Constitution are absolute.
True or False
Chapter 6 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- Describe how government’s power to coerce can be economically beneficial and list some of the difficulties associated with managing and directing the government.arrow_forwardWhat 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.arrow_forwardThe U.S. Constitution enumerates the powers given to the federal government, and the Supremacy Clause provides that state laws cannot conflict with federal laws in these areas. True or False?arrow_forward
- BN10.3 Case: Your non-profit has just been awarded a special government environmental clean- up grant of $90,000. You are given the choice to take the $90,000 now or wait until next year. With an election coming up, the amount of next year's grant will vary based on which party wins. Assuming that money tomorrow is worth the same as money today, the grant amounts are: Outcome Democrats control everything Republicans control everything Split government Assume: Grant Amount $160,000 $36,100 $90,000 Probability 0.25 0.25 0.50 Assume your Payoff in each case (based on your utility function) is sqrt (grant amount). Question: Do you accept the Money today or wait until next year? Include Calculations of the Expected Value and Expected Utility.arrow_forwardadequately protected. Private property rights do not conflict with human rights. They are human rights. Private property rights are the rights of humans to use specified goods and to exchange them. Any restraint on private property rights shifts the balance of power from impersonal attributes toward personal attributes and toward behavior that political authorities approve. That is a fundamental reason for preference of a system of strong private property rights: private property rights protect individual liberty. Armen A. Alchian is an emeritus professor of economics at the University of California, Los Angeles. Most of his major scientific contributions are in the economics of property rights. Which of the following are a violation of a person's property rights: Government using eminent domain laws to force the sale of property Zoning laws which prevent commercial buildings to be built in residential neighborhoods Regulations which prevent loud exhausts on automobiles Affordable…arrow_forwardFrom the choices, please select the major factors that result in government failure. Factors leading to government failure Answer Bank The United States uses a graduated tax system. Politicians often want to keep constituents happy more than they want to correct market failures. Correctly diagnosing the cause of a market failure is difficult. Production decisions are often made independently of government oversight. Public choices involve many actors with their own economic objectives.arrow_forward
- Markets work; government does not. Explain your answer.arrow_forwardDefine Public Policy according to Laswellarrow_forwardAdam Smith believed that a nation would produce the maximum wealth by relying on government to make public interest economic decisions. Group of answer choices True Falsearrow_forward
- Give fives examples of government policies that were conceived based on utilitarian grounds.arrow_forwardNo government can sustain or effectively operate without it's powers. Enumerate and discuss each of the inherent powers of the state.arrow_forwardHow did the theory of government proposed by Locke reflect concerns and problems of the 17th century? O Locke's ideas reflected a shift toward greater monarchical power in England. O Locke's ideas reflected a belief that humans did not require a government to provide justice and protection. Locke's ideas reflected the attempt by English landholders to maintain power they had won. What does the witchcraft craze tell us about European society in the 16th and 17th centuries? Check all that apply. Shift away from communal values toward personal ones More certainty in religious matters and principles Uneven economic development between social classes. Belief in the superiority of womenarrow_forward
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