Which of the following describes the asymmetry Moncur Olson observed in the incentives to support and oppose trade policy?
A) The benefits of those seeking protection outweigh the costs imposed by the protection.
B) The benefits of protection are spread out over a large number of firms and industries, but the costs are concentrated on consumers.
C) The benefits of policy are concentrated, and the costs are spread out over a large number of participants.
D) The costs of protection are concentrated on a few firms, and the benefits of protection are spread out over a large number of consumers.
C
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Which of the following is not a necessary characteristic of a perfectly competitive industry?
A. The industry or market demand is highly elastic. B. Consumers see no difference between the product of one firm and that of another. C. There are so many firms that none can influence market price. D. Firms can easily enter or exit the industry.
In reference to worldwide competition laws, each of the following are fundamentally prohibited or highly suspicious among regulators across almost all countries except which one?
A) creation of cartels B) charging unfairly high prices C) dominant firms D) monopolies
In 2003, the largest component of U.S. national income was
a. compensation of employees b. rental income c. proprietor's income d. farm income e. corporate profit
If the inflation rate is 10 percent and the real interest rate is 12 percent, the nominal interest rate is:
A. 2 percent. B. zero percent. C. 10 percent. D. 22 percent.