In economics, actions by individuals and interest groups designed to influence public policy in a manner that will either directly or indirectly redistribute more income to themselves are known as
a. logrolling.
b. rent seeking.
c. influence peddling.
d. redistribution searching.
B
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When a game has more than one Nash equilibrium
a. players will choose the strategies which maximize total welfare. b. players are likely to choose the strategies which minimize total welfare. c. it is difficult to predict which of the equilibria will occur or whether it is stable. d. it is difficult to predict which of the equilibria will occur but once one is reached it is likely to remain stable.
Suppose that entry of new firms into an industry significantly increases the market demand for a key input. If supply of the key input is very price inelastic, then, for each firm in the industry in the long run,
a. external diseconomies shift its entire ATC curve upward b. external economies shift its entire ATC curve downward c. external diseconomies move it to the left along its original ATC curve d. diseconomies of scale shift its entire ATC curve upward e. economies of scale shift its entire ATC curve downward
The Coase theorem suggests that efficient solutions to externalities can be determined through bargaining. Under what circumstances will private bargaining fail to produce a solution?
If the United States is experiencing inflation, then it will be most willing to engage in international policy coordination that requires:
A. expansionary U.S. monetary policy. B. strengthening the dollar. C. weakening the dollar. D. expansionary U.S. fiscal policy.