Logrolling may result in
A) creating limited incentives for policymakers to consider the immediate consequences of their proposed legislation.
B) legislation that yields economy-wide benefits, the funding for which is borne primarily by a few of the smallest states.
C) members of Congress selling their votes on proposed legislation to the highest bidder.
D) a majority of Congress supporting legislation that benefits the economic interests of a few, while harming the economic interests of a much larger group.
D
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Markets tend to
A) exist primarily in towns or cities. B) increase transaction costs. C) reduce transaction costs. D) make exchange more difficult.
Managers in oligopoly firms must
A. advertise heavily in order to differentiate their product. B. eliminate any barriers to entry if they hope to make short-run profits. C. establish many varieties of their products to cover the spectrum of consumer tastes. D. anticipate the reaction of rival firms.
In a growing economy, it is possible to eliminate
A) absolute poverty. B) relative poverty. C) both absolute and relative poverty. D) either absolute nor relative poverty.
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price for that good.
As shown in the graph, when a government imposes a quota, the outcome differs from that of a tariff being imposed in that area:
A. G represents quota rents instead of tax revenues. B. F and H are deadweight loss instead of transferred surplus. C. FGH is deadweight loss instead of tax revenues. D. E represents tax revenues instead of transferred surplus.