Government decisions tend to be biased toward actions that have
a. current benefits that are easily observable and future costs that are difficult to identify.
b. current benefits and future costs that are both difficult to identify.
c. future costs that are easily observable.
d. clear benefits to the poor at no costs to the wealthy.
A
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In the Keynesian model, the full-employment level of output is the amount of output produced when
A) the quantity of labor demanded equals the quantity of labor supplied. B) the market wage exceeds the efficiency wage. C) labor is paid an efficiency wage, and the real wage equals the marginal product of labor. D) the real wage exceeds the nominal wage.
Recent research in growth theory extends the traditional analysis by making the rates of
a. technological change and/or population growth exogenous. b. technological change exogenous and population growth endogenous. c. population growth and/or technological change endogenous. d. population growth exogenous and technological change endogenous.