Rent seeking
a. is the attempt to find apartments in a rent-controlled city
b. only makes sense in a monopolistically competitive industry
c. is a zero-sum game because the public's loss is the rent seeker's gain
d. is the expenditure of resources to obtain favorable treatment from government
e. occurs because of cyclical majority
D
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Explain menu costs and shoe leather costs as they relate to inflation
What will be an ideal response?
According to Adam Smith's invisible hand doctrine:
A. self-interest best serves the interests of society. B. laissez faire must be improved by government intervention. C. producers should serve the best interests of society. D. only laissez faire mercantilism best serves the interests of society.
If a minimum wage is established, a monopsonist faces
A) an upward sloping supply of labor at all quantities of labor. B) a downward sloping supply of labor at all quantities of labor. C) a horizontal supply of labor at the minimum wage and the upward sloping portion of the labor supply curve above minimum wage. D) a horizontal supply of labor at the minimum wage and the downward sloping portion of the labor demand curve below minimum wage.
If a technological change occurs such that the production function shifts from q = 10K0.5 L0.5 to q = 10.5K0.3 L0.5, then the technological change is
A) both neutral and non-neutral. B) neutral. C) non-neutral. D) Not enough information given.