Any activity designed to transfer income or wealth to a particular individual or firm at society's expense is called:
A. X-inefficiency.
B. rent-seeking.
C. price discrimination.
D. patent protection.
Answer: B
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Scarcity means we are unable to have as much as we would like to have
a. True b. False Indicate whether the statement is true or false
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
Gross Investment 18 National Income 100 Net Exports 2 Personal income 85 Personal Consumption Expenditures 70 Saving 5 Government Purchases 20 Net Domestic Product 105 Statistical Discrepancy 0 Refer to the above data. Disposable income is:
a) $83. b) $73. c) $75. d) $77.
A quintile, sometimes used to measure wealth inequality, represents one-fourth of households.
Answer the following statement true (T) or false (F)