Exam 19: Building Theories to Explain Everyday Life: From Observations to Questions to Theories to Predictions
Exam 1: What Economics Is About174 Questions
Exam 2: Production Possibilities Frontier Framework156 Questions
Exam 3: Supply and Demand: Theory224 Questions
Exam 4: Prices: Free,controlled,and Relative122 Questions
Exam 5: Supply,demand,and Price: Applications64 Questions
Exam 6: Elasticity151 Questions
Exam 7: Consumer Choice: Maximizing Utility and Behavioral Economics147 Questions
Exam 8: Production and Costs204 Questions
Exam 9: Perfect Competition172 Questions
Exam 10: Monopoly200 Questions
Exam 11: Monopolistic Competition, oligopoly, and Game Theory167 Questions
Exam 12: Government and Product Markets: Antitrust and Regulation150 Questions
Exam 13: Factor Markets: With Emphasis on the Labor Market180 Questions
Exam 14: Wages,union,and Labor150 Questions
Exam 15: The Distribution of Income and Poverty185 Questions
Exam 16: Interest,rent,and Profit150 Questions
Exam 17: Market Failure: Externalities, public Goods, and Asymmetric Information103 Questions
Exam 18: Public Choice and Special-Interest-Group Politics100 Questions
Exam 19: Building Theories to Explain Everyday Life: From Observations to Questions to Theories to Predictions128 Questions
Exam 20: International Trade61 Questions
Exam 21: International Finance153 Questions
Exam 22: The Economic Case for and Against Government: Five Topics Considered121 Questions
Exam 23: Stocks,bonds,futures,and Options82 Questions
Exam 24: Stocks,bonds,futures,and Options110 Questions
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-Refer to Exhibit 32-1.The exhibit shows the breakdown of benefits and costs for a four-person town of a proposed $1,200 purchase of books for the public library.How will each of the four persons,A-D,vote? (The first answer in the list is how person A would vote,the second is how person B would vote,and so on,so that "for" indicates that the individual would be in favor of having the additional books purchased by the library.)

(Multiple Choice)
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Congressperson A: "If you approve that new water treatment plant in my district,I'll vote to keep the Air Force base open in your district." Congressperson B: "It's a deal." This is an example of
(Multiple Choice)
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"My opponent in this election says she wants a balanced federal budget,but won't say how it would be achieved." This candidate is trying to
(Multiple Choice)
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-Refer to Exhibit 32-l.The exhibit shows the breakdown of benefits and costs for a four-person town of a proposed $1,200 addition in books to the public library.The members of the community get to vote on the project at hand,and the majority rules.Given the data,the $1,200 will

(Multiple Choice)
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A public choice theorist would be most likely to say that government failure is a consequence of the
(Multiple Choice)
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According to public choice theorists,people in the market sector and people in the public sector have __________,and (but)sometimes act differently because of different __________ arrangements in the two sectors.
(Multiple Choice)
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Competition for votes between two political parties will cause those parties to
(Multiple Choice)
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Simple majority voting sometimes leads to projects being undertaken whose costs are greater than the benefits.How is this possible?
(Multiple Choice)
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Persons who choose not to become informed on political and governmental matters because they feel that the costs of becoming informed exceed the benefits of becoming informed are
(Multiple Choice)
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"In two hours the polls will close.I know I should probably vote,but it is raining,and besides,there is a basketball game on TV tonight,so I'll just stay in." This person is exhibiting
(Multiple Choice)
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Suppose candidate A is conservative and candidate B is liberal and both are currently positioned away from the "middle ground" toward their respective ends of the political spectrum.We would expect that as the campaign draws closer to election day,
(Multiple Choice)
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Which of the following statements about a political campaign is false?
(Multiple Choice)
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A candidate who understands that in a two-person race the person closer to the center of the voter distribution will win is likely to
(Multiple Choice)
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Suppose U.S.peanut butter producers are facing increased foreign competition.Which argument is least likely to be used by the U.S.firms' lobbyists to urge legislation to restrict imports of peanut butter?
(Multiple Choice)
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Would we expect the "average" person to take more time to learn about the car he or she is considering purchasing or about the issues in the upcoming U.S.Senate race in his or her state?
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Public choice theory assumes that those involved in the public sector are generally motivated by
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