Using potentially productive resources to try and obtain transfers from the government is called _____
a. vote trading
b. logrolling
c. agenda control
d. rent seeking
d
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Adam Smith's Wealth of Nations, written in 1776, describes the market's invisible hand representing the
A) King of England's control over the colonies. B) control all governments have in organizing the market. C) efficiency the market achieves without the interference of governments. D) inefficiency of markets when governments do not organize them. E) invisible command system that efficiently allocates resources.
For the average homeowner, which of the following tasks is most likely to be contracted for?
a. fixing a shelf b. hanging a painting c. moving furniture d. rewiring the kitchen lighting e. repainting a bedroom
Spending VCU4 on real-world goods and services causes the nation's:
a. Monetary base to remain the same. b. M2 money supply to fall. c. M2 money multiplier to fall. d. M2 money supply to rise.