Some of the nation's best minds are occupied with devising schemes to avoid taxes and to transfer income to favored groups at the expense of market efficiency. These activities are called
a. rational ignorance
b. choice of the cyclical majority
c. rent seeking
d. competing interest legislation
e. a zero-sum game
C
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If an increase in income leads to an increase in the demand for sushi, then sushi is
A) a normal good. B) a complement. C) a neutral good. D) a necessity.
Suppose you withdraw $1,000 from your savings account and put it under your mattress. Briefly explain how this will affect M1 and M2
What will be an ideal response?
If the wage rate rises and there is a net decrease in the use of capital by a firm
A. the substitution effect outweighed the output effect. B. the output effect outweighed the substitution effect. C. the substitution and output effects were equal. D. there is no way to determine the relative strengths of the output and substitution effects.
Recall the Application about cultural factors in England and their relevance to the Industrial Revolution to answer the following question(s). The Application cites a study by Galor and Moav (2002) that found that families with fewer children gained a comparative advantage in the evolutionary cycle because:
A. they invested more human capital on their offspring than the families with more children. B. having more children led to more chaos. C. having more children meant more workers in the farms. D. they lived in cities while families with more children lived in the countryside.