The socially unproductive efforts of people or firms to win a prize is called:
A. crowding out.
B. rent-seeking.
C. the winner's curse.
D. logrolling.
Answer: B
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The national debt can only be reduced if
A) the federal budget is in deficit. B) the federal budget is in surplus. C) there are no tax multiplier effects. D) the economy has a deflationary ga
When economists David Gould, G.L. Woodbridge, and Roy Ruffin examined the data on the relationship between increases in imports and the rate of unemployment, they concluded that
A) free trade leads to increased unemployment. B) there is not a casual link between increases in imports and the rate of unemployment. C) increases in imports always precede increases in unemployment by a period of 6 months to one year. D) increases in unemployment always precede increases in imports by a period of 6 months to one year.
Contractionary fiscal policy actions will ________ the price of farm commodities
Fill in the blank(s) with correct word
The assumption under perfect competition of a "homogeneous product" means that
A. that no firm can charge more than another for its product. B. the good one firm produces is very different than the good another produces. C. the good one firm produces is exactly the same as the good another firm produces. D. that no buyer will pay more for one firm's good than another's.