Activity aimed at creating artificial barriers to entry into a particular market
A) is rent seeking.
B) has no social cost.
C) improves competition.
D) improves the economy's efficiency.
A
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An important assumption in the theory of public choice is that
A) individuals will act within the political process to maximize their individual well-being. B) individuals will act within the political process to maximize their collective well-being. C) individuals will only operate outside the political process when their well-being is involved. D) scarcity does not exist in the government sector.
Suppose 500,000 yen buys a basket of goods in Japan. If, at the existing exchange rate, it costs more than 500,000 yen to buy the same basket of goods in the United States, then purchasing power parity implies that the:
A. dollar should cost more yen. B. dollar is undervalued. C. dollar should cost fewer yen. D. yen is overvalued.
Which of the following illustrates the basic idea of "parity" as a cornerstone of U.S. agricultural policy?
A. The price of corn per bushel should be held constant B. A bushel of corn should exchange for more of all goods today than previously because farm incomes have declined C. If a bushel of corn exchanged for a pair of pants at a previous time, the same rate of exchange should prevail today D. If a bushel of corn exchanged for a pair of pants at a previous time, the rate of exchange today should be two bushels of corn for one pair of pants since productivity in farming has increased faster than in pants manufacturing
A firm's external financing need is met by:
a. debt or equity. b. owners' equity, including retained earnings. c. net working capital and retained earnings. d. net income and retained earnings. e. retained earnings.