Steel producers lobbying to keep imports out is an example of:
A. objective cost-benefit analysis.
B. rent-seeking behavior.
C. rational ignorance.
D. corruption.
B. rent-seeking behavior.
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Bank C promises to pay a compound annual interest rate of 6 percent, while Bank S pays a 10 percent simple annual interest rate on deposits. If you deposit $1,000 in each bank, after 10 years, your deposit in Bank C equals ________, while your deposit in Bank S equals ________.
A. $1,791; $2,000 B. $1,600; $2,594 C. $1,600; $2,000 D. $1,060; $1,100
Prior to the 1880s, federal government control over the daily operations of private economic activity
(a) was important but not as important as during the 1880s and following decades. (b) was virtually nonexistent; state and local governments handled any regulation or business management. (c) was important, but in the 1880s and following decades, it became less important as it was realized that regulation was basically inconsistent with the efficient operation of free markets. (d) was virtually nonexistent and did not become important until the Great Depression and New Deal programs of the 1930s.
Ceteris paribus, an increase in the supply of a good causes which of the following?
A. Lowers the equilibrium price, and reduces the quantity bought and sold. B. Raises the equilibrium price, and raises the quantity bought and sold. C. Raises the equilibrium price, and increases the quantity bought and sold. D. Lowers the equilibrium price, and increases the quantity bought and sold.
The local department store might have been considered ________ before technological change.
A. a perfect competitor B. a natural monopoly C. an oligopoly D. a monopoly