Some individuals seek to use government action to make themselves better off at the expense of others. The actions of these individuals
A) are evidence of the voting paradox.
B) are examples of fraud; but these individuals usually avoid prosecution because of logrolling and rational ignorance.
C) offer proof that Adam Smith's "invisible hand" is not valid.
D) are examples of rent seeking.
D
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The sum of currency and reserves of depository institutions is the ________
A) reserves of the Fed B) assets of the Fed C) monetary base D) vault cash
Suppose biochemists discover an enzyme that can double the amount of ethanol that may be derived from a given amount of biomass. Based on this technological development, we expect the:
A) supply curve for ethanol to shift leftward. B) supply curve for ethanol to shift rightward. C) demand curve for ethanol to shift leftward. D) demand curve for ethanol to shift rightward.
In the long run if some firms are losing money in monopolistic competition
A. the industry supply curve will increase and market price will fall. B. the industry supply curve will increase and market price will rise. C. the industry supply curve will decrease and market price will fall. D. the industry supply curve will decrease and market price will rise.
Under ________ exchange rates, monetary policy is powerful in its effects on internal balance. This conclusion holds
A. fixed; only with perfect capital mobility. B. floating; only with low capital mobility. C. floating; with all degrees of capital mobility. D. fixed; with all degrees of capital mobility.