Why do producers tend to be better represented in lobbying efforts and other elements of the political process than consumers?
What will be an ideal response?
Producers are generally better organized than consumers
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Socialism seeks to abolish the market-price system. In the economic way of thinking, socialism would therefore
A) generate tremendous economic growth. B) overcome scarcity. C) lead to a greater coordination among peoples' production and consumption plans. D) allow everybody the opportunity to seek their comparative advantage. E) accomplish none of the above.
If the price of ice cream increases substantially (ceteris paribus), the equilibrium quantity of hot fudge sauce, a complement, is likely to:
a. increase, and the equilibrium price of hot fudge is likely to decrease. b. increase, and the equilibrium price of hot fudge is likely to increase. c. decrease, and the equilibrium price of hot fudge is likely to decrease. d. decrease, and the equilibrium price of hot fudge is likely to increase.
If the interest rates in the Eurozone increase, then which of the following is likely to happen?
(a) Deposits would increase in American banks. (b) Money would flow into the European banking system. (c) The euro would tend to depreciate relative to the dollar. (d) None of the above.
If $1 is equal to 120 yen, then 1 yen is equal to approximately
A) $1.20 B) $0.94 C) $0.83 D) $0.0083 E) none of the above