Under laissez faire, output selection is determined by
a. consumer preferences.
b. production costs.
c. firms' desires to make profits.
d. All of the above are correct.
d
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Rent-seeking activities have been a major problem in the HPAE and contributed greatly to the Asian financial crisis
Indicate whether the statement is true or false
If rent seeking was, on average, a losing proposition, _____
a. rent seekers would exit rent seeking until losses from rent seeking equaled zero b. rent seeking would stop because it was no longer profitable c. rent seekers would increase competition for scarce benefits d. rent seeker would exit rent seeking until there is a normal rate of return to rent seeking
A major source of revenues for state and local governments is _____
a. income taxes b. payroll taxes c. intergovernmental revenues d. estate taxation
The two ways to define poverty are which of the following?
a. relatively and absolutely b. absolutely and definitely c. definitely and conceptually d. definitely and receptively