If everyone could participate in the logrolling process at low cost, _____
a. then logrolling would allocate resources efficiently
b. the political benefits to politicians would fall
c. political exchange would no longer be important
d. decision-making costs would be astronomical
a
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If nominal GDP is $5,000 billion and the velocity of the M2 money supply is 5, what is the amount of the public's holding in the form of M2?
A) $500 billion B) $1,000 billion C) $1,500 billion D) $2,000 billion
Government action will often result in the counterproductive use of resources because
a. there is often a conflict between winning political elections and adoption of only productive programs. b. many politicians are not interested in how their legislative votes will influence their chances of winning future elections. c. politicians are often unwilling to listen to interest groups that have specialized knowledge. d. voter participation is low; if more people voted, the political process would be more efficient.