Your economics professor offers 10 points extra credit if you attend a review session before your next exam. This extra credit is an example of
A) an increase in marginal cost to attend the review session.
B) a decrease in marginal benefit to attend the review session.
C) a rational choice.
D) an incentive to attend the review session.
E) None of the above answers is correct.
D
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You are a lobbyist hired by a less developed country to try to prevent a developed country from increasing trade barriers against labor-intensive manufactured imports such as textiles
Make your case, arguing from both developed and developing country perspectives, in terms of who gains and who loses.
The assumption that firms attempt to maximize profits will yield good predictions even if firms sometimes pursue other goals.
Answer the following statement true (T) or false (F)
________ legislation generates concentrated benefits but imposes widespread costs, while ________ legislation generates concentrated benefits for one group, and imposes concentrated costs upon another group
a. Public interest; special interest b. Special interest; median voter c. Rationally ignorant; public interest d. Special interest; competing-interest
What will cause the equilibrium point to move from E1 to E2?
a. a downward movement, or decrease, in price from P2 to P1
b. an upward movement, or increase, in price from P1 to P2
c. a leftward movement, or decrease, in quantity from Q2 to Q1
d. a rightward movement, or increase, in quantity from 0 to Q1