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Unformatted text preview: 16. Define transaction and conformity costs and explain how they are related. 17. Why are majority rule and delegation important concepts? 18. What is separation of powers? 19. What is the principle-agent relationship? Why is it important? 20. What is agency loss? 21. What is a representative government? What is direct democracy? 22. What is a republic? 23. How do a parliamentary system government and a presidential system government compare? 24. What is a coalition? 25. Why do politicians act strategically? 26. What are private versus public goods? Why would you use the term collective good instead of public good? 27. What are externalities? 28. How does the institutional design of our federal government mitigate popular passions?...
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