The National Rifle Association (NRA) lobbies aggressively for the interests of gun owners. For example, the NRA has been instrumental in passing conceal-and-carry laws in several states. Such behavior on the part of NRA is called
A. consumer loss.
B. rent-seeking behavior.
C. government failure.
D. discrimination.
Answer: B
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If price is determined as a multiple of costs, then a firm is using
A) cost plus pricing. B) product line extension pricing. C) peak-load pricing. D) marginal cost pricing.
The Phillips curve is named after the economist A. W. Phillips, who found that there is:
a. an inverse relationship between the PPI and the budget deficit in the United States. b. an inverse relationship between wage rates in Great Britain and the unemployment rate. c. an inverse relationship between economic growth and the unemployment rate in Great Britain. d. a positive relationship between inflation and the unemployment rate in the United States. e. a positive relationship between British national debt and economic downturns.
If the United States and other developed nations pay the cost of reducing public emissions, developing nations such as China could benefit from the reduction while not contributing to it. In this sense, one can think of reducing carbon emissions as being like a
A) quasi-private good.
B) private good.
C) quasi-public good.
D) public good.
Rent control has become less common because it
a. caused housing shortages b. caused housing surpluses c. encouraged the black market d. led to rationing