Grown children fawning over an elderly parent in order to try to secure a larger inheritance is an example of
A) rent seeking.
B) logrolling.
C) rational ignorance.
D) public choice.
A
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If you save less because the government is going to tax you and later provide you with a benefit, then this reduction in savings is referred to by economists as the
A. asset substitution effect. B. induced retirement effect. C. slovenly effect. D. bequest effect.
Potential GDP refers to
A) the extent to which real GDP is above or below nominal GDP. B) the difference between the highest level of real GDP per quarter and the lowest level of real GDP per quarter within any given year. C) the level of GDP attained when all firms are producing at capacity. D) the level of GDP attained by the country with the highest growth in real GDP in a given year.
In terms of cost-benefit analysis, explain why a competitive market with an externality produces too much pollution
What will be an ideal response?
Government imposed price controls often lead to
A) illegal trades of the good. B) the most efficient use of resources. C) the equilibrium solution in terms of price and quantity. D) maximization of profits.