What is the assumption underlying public-choice theory?
A) Elected officials believe in cooperating with one another and they seek to avoid competition among themselves.
B) The costs and benefits of being efficient are the same whether one is in the private sector or in the public sector.
C) Individuals act within the political process to improve their own individual well-being.
D) Resources in the public sector are not scarce.
C
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Refer to Scenario 6.1. The Nash equilibrium occurs where
A) both Tasha and Gloria work extremely hard. B) both Tasha and Gloria work somewhat hard. C) Both A and B represent Nash equilibria. D) There is not a Nash equilibrium in this scenario.
Aggregate expenditure includes consumption spending, unplanned investment spending, government purchases, and net exports
Indicate whether the statement is true or false