Rent-seeking activity
a. is any revenue associated with long-term leases
b. is any costly action a firm undertakes to acquire or maintain monopoly power
c. is an attempt to inflate costs and reduce tax liabilities
d. occurs when a monopoly leases out some of its assets
e. is any rational action a consumer undertakes in seeking the lowest rent
B
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If the price of iPods decreases,
A) there will be a movement up along the supply curve for iPods. B) there will be a rightward shift in the iPod supply curve. C) the supply curve for iPods shifts leftward. D) there has been a decrease in the price of iTunes songs. E) there will be a movement down along the supply curve for iPods.
People who report being unemployed but who, in fact, are working for "under the table" pay to avoid taxes on their earnings are really employed and therefore cause the reported unemployment rate to be higher than it would otherwise be
a. True b. False Indicate whether the statement is true or false
Modern mixed economies
A. generally alter the outcome of market processes in a manner that is believed to be in the social interest. B. attempt to redistribute income to make the distribution of income more equitable. C. rely on the government as well as the market to effect the distribution of goods and services. D. undertake all of the actions listed.
Older, more experienced workers tend to make more than younger workers, but as a worker nears retirement, pay increases level off, and may even fall a little.
Answer the following statement true (T) or false (F)