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Economics 202 Ch 28

Principles of Economics Ch 28

QuestionAnswer
Public Choice Theory Applies economic principles to public sector decision making.
Government Failure Occurs when government action results in a less efficient allocation of resources.
In the public sector voters are similar to: Consumers in the private sector.
One of the characteristics of elections in the U.S. is: Low voter turnout.
The reason for low voter turnout is: In political elections it occurs because many potential voters see the costs of voting as greater than the benefits.
The benefits of voting are: To affect the outcome of the election, to cause the voter's desired candidate to win.
Ignorance Lack of knowledge, being uniformed.
Consumers are motivated to: Gather information before making a purchase.
Most voters will not be well-informed about political issues because: They will rationally choose to remain ignorant.
Low voter turnout and rational voter ignorance may result in: Government Failure
The Median Voter Model Suggest that the median voeter (the one in the middle) must be captured to achieve a majority vote.
The median voter model predicts that a candidate will behave in certain predictable ways in his or her pursuit of the median voter: Aim for a middle-of-the-road position, label his or her oppenents as extremists, adjust his or her positions in response to polls, and speak in general rather than specific terms.
Government Failure may result from: The candidates' pursuit of the median voter.
Elected officials tend to have a strong desire to remain elected officials, therfore: An elected official will tend to focus on winning the next election.
Elected officials will tend to support policies that: Yeild benefits in the short run (before the next election) and impose costs in the long run (after the next election).
To improve his or her chances of winning the next election, an elected official will be responsive to: The goals of special-interest groups.
Special Interest Group A group of people who are especially interested in a particular governmental policy.
The influence of special-interest groups is increased by: Low voter turnout, rational ignorance, and lobbying.
Lobbying A type of rent seeking.
Logrolling Vote trading where legislators often trade votes in order to pass legislation beneficial to their own district.
Pork Barrel Legislation Comes from logrolling. Benefits a particular geographic region and is paid for by taxpayers from a larger geographic region (eg. the entire nation).
Government Bureaus The people who carry out the policies enacted by legislators.
Bureaucracies are often criticized as: Unresponsive, costly, hindered by excessive rules (red tape), and prone to empire-building.
Government bureaus are likely to be very inefficient because: They have no profit motive, they have no owner, they usually face no competition, and they seek to grow.
Government failure occurs when government action results in a less efficient allocation of resources. Some of the sources of government failure include: Voter flaws, candidates' pursuit of the median voter, short run focus of elected officials, special-interest group influence, and government bureau inefficiency.
Difficulty in measuring the marginal social benefit and the marginal social cost of government spending, majority voting may be economically inefficient are sources of government failure. Others include: Taxes collected do not reflect the full cost of a government program, inefficienies caused by income redistrution, unintended consequences of government policies, government may stand in the way of creative destruction, problems from principal-agent deal.
Creative Destruction The short run upheaval caused by the development of new technology.
"The Myth of the Rational Voter: Why Democracies Choose Bad Policies" A book written by economist Bryan Caplan in 2007.
According to Bryan Caplan, the vast majority of voters are noneconomists and noneconomists are biased toward what four common misconceptions? Antimarket bias, antiforeign bias, make-work bias, and pessimistic bias.
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