In the context of rent seeking, rents refer to _____
a. payments made to factors of production for private benefit that do not add anything to social output.
b. payments made to politicians for private benefit that do not add anything to gross domestic product
c. payments made to factors of production for private benefit that add to social output
d. payments made to third parties to find opportunities for lobbying
a
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Excessive regulation may lead to
a. corruption b. attempts to evade regulations c. high costs of complying with regulation d. lobbying to remove regulation e. all of the above
Under the new Constitution in 1789, the states gained the sovereign power to
(a) levy taxes. (b) power and issue money. (c) "regulate" the value of money. (d) create corporations by special franchise.
Homelessness can be caused by destroying cheap, low-quality housing through _____
a. building codes b. zoning c. urban renewal programs d. all of the above
A perfectly competitive firm with a random demand has an expected marginal revenue that is ________ its expected price.
A) greater than B) exactly double C) less than D) equal to