On Which Two Levels Should One Understand Public Opinion

question 22

Multiple Choice

On which two levels should one understand public opinion?

• A)ideology and age
• B)state and local
• C)race and gender
• D)aggregate and individual

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Definitions:

Marginal Cost

The additional cost incurred by producing one more unit of a product.

Rent-seeking

It involves seeking to increase one's share of existing wealth without creating new wealth, often through manipulation or exploitation of the economic environment.

Public Choice Theory

An economic theory that applies principles of economics to analyze political behavior and decision-making.

Government Failure

Occurs when the government becomes the tool of the rent seeker and the allocation of resources is made even less efficient by the intervention of government.