Why might special interest groups be more likely to push for transfers instead of economic growth? The answer is because it usually takes a much __________________ percentage _______________ in growth to equal what they can get from the transfer
A) smaller; decrease
B) larger; increase
C) larger; decrease
D) smaller; increase
E) none of the above
B
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Consider the following scenario: The Kellogg's facility buys corn and makes boxes of cornflakes. The grocer buys the boxes and places them on the shelf. A mother then buys a box for her family
Which of the following would be classified as a purchase of a final good? A) The cornflakes purchased by the mother B) The cornflakes purchased by the grocer C) The corn purchased by Kellogg's D) All of the above. E) None of the above.
In the above figure, if the budget line shifts from RT to RS, the income effect is illustrated by the move from
A) a to b. B) a to c. C) b to c. D) T to S.
If in a market the last unit of output was sold at a price higher than marginal cost
A) producer is better off producing more. B) consumers are better off if less of the product is sold. C) social welfare is not maximized. D) the unit increased total profit.
Motivations for behavioral economics include:
A. people sometimes make choices that are inconsistent with standard economic theory. B. all choices made by individuals are consistent with standard economic theory. C. standard economic theory can lead to unreasonable conclusions about consumer welfare. D. people sometimes make choices that are inconsistent with standard economic theory and standard economic theory can lead to unreasonable conclusions about consumer welfare.