The term ____________ is used to describe situations in which governments take private resources to produce public goods
a. rationing
b. reallocation
c. reorganization
d. transferring
e. commandeering
E
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In the context of rent seeking, rents refer to _____
a. payments made to factors of production for private benefit that do not add anything to social output. b. payments made to politicians for private benefit that do not add anything to gross domestic product c. payments made to factors of production for private benefit that add to social output d. payments made to third parties to find opportunities for lobbying
If firms have different costs and market demand only supports the quantity the incumbent produces, then the incumbent's threat to use limit pricing
A) is credible. B) is not credible. C) would be illegal. D) is unable to be determined with the information given.
If DeShawn only pays $25,000 to purchase a new car even though he would have been willing to pay as much as $35,000 for the car, this indicates that
a. DeShawn is an irrational consumer. b. The seller earned a $10,000 profit on the sale of the car. c. DeShawn reaped $10,000 of consumer surplus from the transaction. d. The seller received $10,000 worth of producer surplus on the transaction.
The difference between craft unions and industrial unions is that industrial unions usually
A. Are organized along democratic lines, while craft unions are undemocratic. B. Flourish in industries, while craft unions dominate in smaller craft production. C. Include workers in an industry, while craft unions represent workers with a particular skill. D. Include workers with a particular skill, while craft unions represent workers in an industry.