Lobbying efforts by individuals and firms:
a. increases productive efficiency in the economy.
b. merely transfer income and wealth from one individual or group to another.
c. enables the firms to experience economies of scale.
d. improves the overall standard of living in the economy.
e. helps the economy to produce the efficient level of output.
b
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Potential output in an economy decreases as the supply of labor decreases or the capital stock increases
Indicate whether the statement is true or false
Which of the following is true?
a. The GDP gap is the difference between actual real GDP and full-employment real GDP. b. We desire economic growth because it increases the nation's standard of living. c. Economic growth is measured by the annual percentage increase in a nation's real GDP. d. Discouraged workers are a reason critics say the unemployment rate is understated. e. All of these are true.
Our high rate of productivity growth following World War II began to decline around the year _____.
Fill in the blank(s) with the appropriate word(s).
Predatory pricing occurs when a monopolist charges a:
A. price above average total cost. B. price above average variable cost. C. low price to drive out competition, then charges a high price. D. high price to drive out competition, then charges a low price.