With special-interest legislation,
a. benefits are concentrated but costs are widespread
b. both benefits and costs are concentrated
c. benefits are widespread but costs are concentrated
d. both benefits and costs are widespread
e. there is no predictable relationship between costs and benefits
A
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Using Scenario 2 suppose Susan has eliminated two of the answers but is unsure of which of the remaining three answers are correct. Determine whether it is rational for Bill to guess
What will be an ideal response?
Suppose that when the price of raspberries increases, Lonnie increases his purchases of papayas. To Lonnie
A) raspberries and papayas are substitutes. B) raspberries and papayas are complements. C) raspberries and papayas are normal goods. D) raspberries and papayas are inferior goods.
Consider the two graphs above. Suppose producers forecast a decrease in sales. This would ________ the desired level of inventories, as depicted in graph ________
A) increase; B B) increase; A C) decrease; B D) decrease; A
An assumption behind the infant industry argument for tariff protection is that
A) foreign competitors are selling output below average cost. B) the domestic industry will be facing an upward adjustment in its average cost. C) the domestic industry will eventually gain comparative advantage in producing the good. D) the market needs additional competition to satisfy consumer demand.