When a local casino spends millions in TV ads convincing town residents to reject another casino's bid to operate in the area, the casino is:
A. rent seeking.
B. seeking rent controls.
C. acting fraudulently.
D. allocating resources efficiently.
Answer: A
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Prices of previously issued bonds have risen. It is likely that
A. market interest rates have fallen. B. the stock price must change but could either rise or fall. C. market interest rates have risen. D. market interest rates have remained unchanged.
What can a nation do to increase its economic growth? Why is economic growth among the major national economic goals of all countries?
Economic theory suggests that the standard of living of American workers would fall if the
a. knowledge and skills of workers improved, reducing the need for workers. b. United States had more natural resources. c. United States turned to more automated methods of production. d. productivity of American workers declined.
A monopolist hires fewer workers than a perfectly competitive industry, other things being equal, because
A) a monopolist has to pay higher wages in order to attract additional workers. B) the monopolist substitutes more capital for labor when compared to a competitive industry. C) the monopolist producer has to deal with unions and face higher wages than do competitive industries. D) the monopolist produces less output than a competitive industry.