Special-interest legislation is characterized by
a. concentrated costs and concentrated benefits
b. concentrated benefits and widespread costs
c. widespread benefits and widespread costs
d. widespread benefits and concentrated costs
e. zero costs
B
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Automatic stabilizers were clearly in evidence during the recession of 2007-2009 as
A) tax revenues and transfer payments both decreased. B) tax revenues decreased. C) tax revenues increased. D) transfer payments decreased.
Refer to Figure 18.4. With a tariff, how much does the government collect for each glove imported into Duckland?
A) $0 B) between $2 and $3 C) between $8 and $10 D) more than $10
Which of the following empirical studies cast the most doubt on the Heckscher-Ohlin model?
A) the study by Wassily Leontief B) the study by Bowen, Leamer, and Sveikauskas C) the study by David Ricardo D) the study by Adam Smith E) the study by Davis and Weinstein
Given the information that follows, how much are (a) accounting profits? (b) economic profits? Sales: $2 million; explicit costs: $1 million; wages you and your family members could have earned doing the same work for another firm: $150,000; return you could have earned by investing your money elsewhere: $100,000
What will be an ideal response?