Why doesn't the process of electing officials prevent rent-seeking and corruption?
A. It actually does prevent this behavior in the real world.
B. People are generally disinterested in preventing both of these in government.
C. Those who win special favors through this behavior simply pay others off to keep them from whistleblowing.
D. The cost of gathering such information is often too costly.
Answer: D
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Write an essay on the role of Congress in U.S. trade policy since 1930
What will be an ideal response?
The horizontal demand curve facing an individual firm in a perfectly competitive market: a. violates the law of demand, which states that demand curves slope downward. b. is a reflection of the firm's small size relative to the total market
c. is maintained only with the help of high barriers to entry. d. is a reflection of the inelastic demand for its product.
Under laissez-faire, the allocation of resources among different products depends on
A. consumer preferences. B. production costs. C. Both a and b are correct. D. Neither a nor b is correct.
Holding demand constant, a reduction in supply leads to
A) lower prices and higher quantity demanded. B) lower prices and lower quantity demanded. C) higher prices and higher quantity demanded. D) higher prices and lower quantity demanded.