According to public choice theory, policymakers
A) act in ways to bring about an equitable distribution of society's wealth.
B) act in ways to maximize economic efficiency.
C) place the interests of the public above their own self-interest.
D) are likely to pursue their own self-interest, even if their self-interest conflicts with the public interest.
D
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Refer to the graph shown. If expected inflation increases from 0 percent to 6 percent, the:
A. economy will move from point B to point C. B. short-run Phillips curve will shift from PC2 to PC1. C. short-run Phillips curve will shift from PC1 to PC2. D. economy will move from point C to point A.
Private benefits are those benefits that accrue:
A. without compensation to someone other than the person who caused them. B. indirectly to the decision maker of a market exchange. C. directly to the decision maker of a market exchange. D. to third parties without direct government intervention.