Political corruption occurs whenever:
A. logrolling is used to secure votes for controversial legislation.
B. government officials use unlawful misdirection of governmental resources for their own
personal gain.
C. special interest groups contribute to elected officials, who in turn support legislation that
benefits the special interest group.
D. there is pork barrel politics involved.
Answer: B
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The Commons Problem could be addressed by
A) charging a fee proportional to the use of the common property. B) charging a fee unrelated to the use of the common property. C) charging no fee. D) prohibiting the use of the common property.
A particular brand of shampoo costs 6 Canadian dollars in Toronto. The nominal exchange rate is about 1.2 and the real exchange rate is .90 . These numbers imply that the U.S. dollar price of the same shampoo is about
a. $7.99 b. $6.49 c. $5.39 d. $4.49
Which point in Figure 9-7 represents a break-even situation for a perfectly competitive firm?
a.
A
b.
B
c.
C
d.
D
e.
E
The most significant difference between perfect competition and monopolistic competition is that
A) in a perfectly competitive market products are differentiated, while in a monopolistically competitive market products are homogeneous. B) in a perfectly competitive market products are homogeneous, while in a monopolistically competitive market products are differentiated. C) in a perfectly competitive market there is a large number of sellers, while in a monopolistically competitive market there is a small number of sellers. D) in a perfectly competitive market there is a small number of sellers, while in a monopolistically competitive market there is a large number of sellers.