Suppose lawyers seek legislation to limit the use of computer software that enables people to use their personal computers to self-prepare their own wills, trusts, and other legal documents. This is an example of:
A. logrolling.
B. the principal-agent problem.
C. rent-seeking behavior.
D. limited and bundled choices.
Answer: A
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Theory suggests that stock prices should be positively related to
A) government borrowing. B) the unemployment rate. C) the interest rate. D) the money supply.
In competitive price-searcher markets, short-run economic profits will lead to
a. long-run economic profits. b. the exit of firms from the market and the eventual restoration of zero long-run economic profits. c. the entry of additional firms into the market and the eventual restoration of zero long-run economic profits. d. the entry of additional firms into the market, which increases the demand for the product of each firm in the market.
A recessionary gap occurs in the economy when
A) Aggregate demand is in the depression or Keynesian range of the aggregate supply curve. B) Aggregate demand is less than potential GDP. C) Aggregate demand is less than full employment output. D) None of the above.
Which institution is least likely to default on a bond?
A. Local government. B. Small corporation. C. U.S. federal government. D. Large corporation.