Which of the following activities is most likely to be considered rent seeking?
a. buying an apartment building
b. hiring a lobbyist
c. voting for a politician who supports government spending
d. buying common stock
b
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In 2012 Nike reduced the price of its running shoes by 20 percent. As a result, the substitution effect caused
A) the demand for Nike shoes to increase. B) people to switch from Adidas shoes and buy more Nikes. C) the relative price of Nikes to increase. D) the demand curve for Nikes to shift rightward.
Protectionism
A) is the use of cheap labor to protect firms from paying high wages. B) refers to the use of copyright and trademark laws to protect inventors and artists from losing the rights to their creative efforts. C) is the use of trade barriers to protect domestic firms from foreign competition. D) refers to reductions in tariffs and other barriers that protect consumers from paying high prices.
By the year 2025 the percentage of elderly in the U.S. should constitute nearly 10% of the population
Indicate whether the statement is true or false
Economists use the equation ?TC/?q to calculate ______.
a. total product b. marginal product c. marginal cost d. average cost