In a zero-sum game
A) the gains of one player are less than the gains of the other player.
B) the gains of one player are greater than the gains of the other player.
C) the gains of one player directly reflect the losses of another player.
D) the gains and losses of players are all expressed in zeros.
C
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The Consumer Expenditure Survey measures
A) households' spending patterns. B) the wholesale price on what consumers buy so that a markup percentage can be found. C) the maximum price buyers will pay for a good or service. D) consumers' incomes. E) the jobs at which consumers work.
Which of the following statements about rent seeking is false?
A) A person is engaging in rent-seeking behavior when he uses the political process to acquire ownership of a resource that belongs to the public. B) If a firm can benefit from government intervention in the economy, it is more likely to spend resources attempting to secure this intervention than toward innovating its product to gain a competitive edge in the market. C) Because rent seeking redistributes society's resources, anyone engaging in such behavior is violating the law. D) Rent seeking often involves governments because governments transfer huge amounts of funds that economic agents must compete for.
Restructuring social security benefits might stimulate economic growth; however, we must consider the cost of this action, which is
a. adequate benefits for everyone except those who originally needed social security b. an increased burden on other social programs such as food stamps c. a reduction in saving d. a reduction in other governmental programs e. a movement of the production function to the left
If the value of the domestic currency depreciates:
a. Aggregate demand falls and aggregate supply rises. b. Aggregate demand rises and aggregate supply rises. c. Aggregate demand rises and aggregate supply falls. d. Neither aggregate demand nor aggregate supply change. e. None of the above.