People who often impose cost on the majority in order to benefit certain groups are called:
a. laissez-faire groups.
b. encounter groups.
c. fair-interest groups.
d. special-interest groups.
e. none of these.
d
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Incentives work by changing the trade-offs faced by individuals
Indicate whether the statement is true or false
Tariffs ________ consumer surplus and import quotas ________ consumer surplus
A) decrease; decrease B) increase; increase C) decrease; increase D) increase; decrease
Expansionary fiscal policy should be used if:
A) aggregate demand-aggregate supply equilibrium is below potential output. B) aggregate demand-aggregate supply equilibrium is above potential output. C) aggregate demand-aggregate supply equilibrium is equal to potential output. D) none of the above.
Which of the following explains most accurately why the firm's short-run marginal cost curve will eventually rise?
a. As more of the variable factor is used, its price will rise. b. When diminishing marginal returns set in, it will take ever-larger quantities of the variable resources to produce an additional unit of output. c. As the variable factor is used more intensely, its marginal product will rise, causing an increase in marginal costs. d. As the size of the firm increases, the operational efficiency of the firm declines, causing an increase in marginal costs.