Examlex

Solved

Congressman Flack Votes for a Program That Will Benefit the Constituents

question 183

Multiple Choice

Congressman Flack votes for a program that will benefit the constituents of Congressman Walpole.Which of the following explanations for Flack's vote is most consistent with the public choice model?


Definitions:

Input Decrease

A reduction in the amount, quality, or efficiency of any raw material, capital, or labor used in the production process.

Derived Demand

Demand for a factor of production or good that results from the demand for another related good or service.

Substitution Effect

The change in consumption patterns due to a shift in relative prices that makes one product more economically attractive than another.

Output Effect

The output effect refers to the impact changes in production volume have on a company's total costs and profitability.

Related Questions