An example of rent seeking is
a. lobbying by industrial groups.
b. lawsuits between rival firms.
c. battles over exclusive licenses.
d. All of the above are correct.
d
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
If profit is commonly defined as "total revenue minus total cost," then
A) there is no way to measure losses. B) a negative profit implies a loss. C) losses can only be measured as "total cost minus total revenue." D) profits must always equal losses.
Which of the following is NOT a characteristic of populist regimes?
A) Nationalistic ideologies B) Focus on economic growth C) Focus on income redistribution D) Using economic tools to reach specific goals regarding labor, the orientation of business or the role of foreigners E) Focus on controlling inflation
Which of the following actions may be explained by the law of small numbers?
A) People buy lottery tickets. B) People buy air travel insurance. C) People purchase extended or long-term warranties or maintenance contracts for new automobiles and appliances. D) all of the above