The term logrolling describes
a. government spending programs financed with user charges.
b. the exchange between legislators of their votes on issues.
c. the actions of legislators who are willing to trade their political votes for campaign contributions from special interest groups.
d. government spending programs that primarily benefit loggers and other forest workers.
B
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Krystal runs a nail salon and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour. Suppose that Krystal's marginal benefit of staying open per hour is $30
If she is following the marginal principle, how many hours should Krystal stay open? A) 4 hours B) 5 hours C) 6 hours D) 7 hours
For a monopoly able to practice perfect price discrimination, the market
A) supply curve is the same as the marginal cost curve. B) supply curve is the same as the marginal revenue curve. C) demand curve is the same as the marginal cost curve. D) demand curve is the same as the marginal revenue curve.
Would a profit-maximizing firm sell where demand is inelastic?
A. No, this would not follow the rule of MC = MR. B. No, the firm could not profitably raise price. C. Yes, the firm could profitably lower price to attract sales. D. Yes, in this case there are few substitutes for the good.
The following equations represent the demand and supply for bottles of nail polish
QD = 25 - P QS = -15 + 3P What is the equilibrium price (P) and quantity (Q - in thousands) of bottles of nail polish? A) P = $15; Q = 30 thousand B) P = $10; Q = 15 thousand C) P = $20; Q = 5 thousand D) P = $5; Q = 20 thousand