Which of the following scenarios would support the theory of public choice?
A. A college president eliminates wasteful departments and programs even though this will shorten her tenure and her political future.
B. The local police chief fails to give the mayor a speeding ticket because the mayor might fire him.
C. The president of Colombia goes after drug traffickers despite death threats and the offer of bribes that could make him a rich man.
D. The governor of the state vetoes a highway bill even though the highway would enhance the value of property he or she owns.
Answer: B
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Suppose the CPI last year was 82.3 and this year is 90.9. Based on this information, we can calculate that the inflation rate in 1981 was
A) 10.4 percent. B) 8.6 percent. C) 90.9 percent. D) 82.3 percent. E) 9.09 percent.
Economics is different from a "hard" science like physics because: a. economists abstract from reality in creating their theories
b. economics is easier to study than physics. c. economists must explain their theories to policy makers who lack formal mathematical training. d. economists cannot easily control all the variables that might influence human behavior.