Rent seeking refers to
a. what landlords do
b. looking for an apartment
c. capturing the economic results of government-created scarcity
d. all profit-making activity
e. all of the above
C
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Some people worry that the fast food restaurant industry will have a harder time attracting teenage workers in the years to come because baby boomers had fewer children than earlier generations. a . Explain how fewer teenagers might lead to higher hamburger prices b. Explain how retirees, who need more supplemental income, might change your answer to part a
In finance, the leverage ratio refers to:
A. ratio of assets it has relative to its equity. B. using borrowed money to pay for investments. C. how a firm decides to borrow funds that it doesn't have. D. ratio of assets it has relative to debt.
Answer the following statements true (T) or false (F)
1. One basic argument for redistributing income to achieve more equality rests on the idea of maximizing the society's total utility when there is diminishing marginal utility from income. 2. The basic reason why the debate between income equality versus inequality is on-going is because there is a trade off between income equality and economic efficiency. 3. U.S. income statistics indicate that more than one-eighth of the nation lived in poverty in 2011. 4. The poverty rate in the U.S. increased significantly in the period 2007-2010. 5. The incidence of poverty is very high among the elderly (65 years or older).
An industry is characterized by scale economies and exists in two countries. In order for consumers of its products to enjoy both lower prices and more variety of choice
A) the two countries must engage in international trade with each other. B) each country's marginal cost must equal that of the other country. C) the marginal cost of this industry must equal marginal revenue in the other. D) the monopoly must lower prices in order to sell more. E) they must combine to become a multinational corporation.