Rent seeking refers to ______.
a. politicians trading votes
b. exempting homeowners from certain taxes
c. using resources to gain political favor
d. choosing not to vote unless it counts
c. using resources to gain political favor
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Which of the following will result in secular deflation?
A) a one-time rightward shift of the long-run aggregate supply curve B) continuous rightward shifts of the aggregate demand curve C) continuous rightward shifts of the long-run aggregate supply curve D) a one-time rightward shift of the aggregate demand curve
GDP is not a complete measure of well-being
Indicate whether the statement is true or false
If the unemployment rate is 8 percent, this means: a. 8 percent of the population is unemployed
b. 8 percent of the population over age 16 is unemployed. c. 8 percent of the labor force is unemployed. d. the number of unemployed persons equals 8 percent of the employed persons.
The Black Death in fourteenth-century Europe resulted in
a. a lower marginal product of land. b. a lower marginal product of labor of surviving workers. c. economic hardship for surviving peasants. d. economic prosperity for surviving landowners.