What do economists mean by “rent seeking” among producers?
a. leasing space to foreign producers who want to house imported goods
b. efforts to gain profits from government tariffs and import quotas
c. investments in foreign companies holding licenses to import goods
d. lobbying to keep foreign competition out of the domestic market
b. efforts to gain profits from government tariffs and import quotas
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Use the following table for a certain product's market in Marketopia to answer the next question.Quantity Demanded DomesticallyPriceQuantity Supplied Domestically1,400$102,2001,60092,0001,80081,8002,00071,6002,20061,4002,40051,200Assume the small-country model is applicable. If the world price of the product is $6 and a tariff of $1 per unit is applied to imports of the product, then the total revenue (after tariff) going to domestic producers would be ________ and the total revenue (after tariff) going to foreign producers would be ________.
A. $8,400; $2,800 B. $11,200; $2,400 C. $13,200; $2,400 D. $11,200; $2,800
If the Phillips curve represents a "________ relationship," then the trade-off between unemployment and inflation is permanent
A) cyclical B) structural C) frictional D) dynamic
In the principal-agent problem, the agent is:
A. a person who entrusts someone with a task. B. a person who carries out a task on someone else's behalf. C. a person who is in charge of a top-secret mission. D. a person who has the same objectives as the principal.
From an economist's point of view, costs:
A. never reflect monetary outlays. B. may or may not involve monetary outlays. C. consist only of explicit costs. D. always reflect monetary outlays.