In Addition to Selling Art to Tourists in Their Home

question 18

Multiple Choice

In addition to selling art to tourists in their home countries, many West African art traders immigrate to the U.S. and sell their wares in marketplaces in New York City. How do these traveling art traders receive honor and prestige in their home countries?

• A) by raising awareness about traditional West African art among art dealers around the world
• B) by meeting financial obligations with remittances and start-up capital for family members
• C) by bringing American art and artistic styles back to artists in West Africa
• D) by creating large amounts of wealth and capital for themselves

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Definitions:

Public Choice Theory

A framework that analyzes how public decisions are made, focusing on the behavior and interests of voters, politicians, and bureaucrats.

Excess Burden

The cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium, often due to taxes or monopolies.

Social Cost

The total cost to society as a result of an action or activity, including both private costs incurred by individuals and external costs affecting others.

Monopoly Profit-maximizing

The process by which a monopoly sets its output and price levels to achieve the highest possible profit, given its unique position as the sole seller of a product or service.