A special-interest issue is one that
a. allocates the cost of the activity in accordance with the benefits received.
b. benefits a small, well-organized interest group at the expense of taxpayers or consumers.
c. benefits everyone and imposes a cost on everyone.
d. benefits a small, well-organized interest group but makes that group pay for the cost of the program.
B
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Answer the following statements true (T) or false (F)
1. Economic theory and economic policy are synonymous. 2. Your decision to attend college was a microeconomics choice. 3. Goods directly used by individuals and households are known as capital goods. 4. The relationship between the price of a book and the number of volumes purchased would be an example of microeconomics.
If General Motors imports parts from its plants in Canada and Mexico for finished trucks that it will sell across the NAFTA region, what type of trade does this represent?
What will be an ideal response?
If A and B are complementary goods, a decrease in the price of good A would:
A. lead to an increase in demand for B. B. have no effect on the quantity demanded of B. C. lead to a decrease in demand for B. D. none of the statements associated with this question are correct.
In a perfectly competitive market, when price is equal to the
A. Minimum average variable cost, economic profit is zero. B. Minimum average total cost, economic profit is zero. C. Minimum short-run average total cost, it has reached the shutdown point. D. Marginal cost, accounting profit is maximized.