Rent seeking:
A. results in externalities.
B. results in less monopoly power.
C. involves resources paid to politicians to enhance one group at the expense of another.
D. None of the statements are correct.
Answer: C
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Suppose a copyright's owner has successfully proven in court that an infringer has illegally reproduced the copyrighted material. If the copyright's owner has lost $8 million in profits because of the infringement and the infringer has earned $5 million in profit as a result of illegally reproducing the copyrighted material, the copyright's owner will be awarded ________.
A) $3 million B) $13 million C) $5 million D) $8 million
Fill in the table.
An inflationary gap exists when:
A. output exceeds aggregate demand. B. aggregate demand exceeds output. C. potential output exceeds actual output. D. actual output exceeds potential output.
The GDP deflator or price index equals:
A. Gross private domestic investment less the consumption of fixed capital B. Gross national product less net foreign factor income earned in the United States C. Nominal GDP divided by real GDP D. Real GDP divided by nominal GDP