What are the four types of bias that economist Bryan Caplan believes voters bring with them when they vote? Briefly explain each of these biases
What will be an ideal response?
Anti-market bias: Voters underestimate the economic benefits of the market system.
Anti-foreign bias: Voters underestimate the economic benefits of interaction with foreigners.
Make-work bias: Voters assume that job creation implies economic progress.
Pessimistic bias: Voters underestimate the performance of the economy.
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Government can play a crucial role in promoting economic efficiency by
a. taxing income b. providing physical and institutional infrastructures c. establishing price ceilings to help certain buyers d. establishing price floors to help certain sellers e. creating barriers to market entry whenever there is a threat of excessive competition
In what year was the Federal Reserve System created?
a. 1790 b. 1861 c. 1879 d. 1913 e. 1935