From the standpoint of society as a whole, rent seeking is
a. counterproductive because it takes resources away from the creation of wealth in the private sector.
b. counterproductive because it fails to alter public policy.
c. productive because each interest group gains more than they spend on rent-seeking activities.
d. productive because the resources used in rent seeking have no opportunity cost to society.
A
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Refer to Table 8-15. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2015 equals
A) 94.1. B) 105.1. C) 106.2. D) 108.5.
When demand is inelastic,
A) price and revenue move in opposite directions. B) price and revenue are not related. C) price and quantity demanded move in opposite directions. D) price and revenue move in the same direction.
Every week, the Bureau of Labor Statistics produces data on unemployment
a. True b. False Indicate whether the statement is true or false
If a country's saving rate declined, then other things the same, in the long run the country would have
a. lower productivity, but not lower real GDP per person. b. lower productivity and lower real GDP per person. c. lower real GDP per person, but not lower productivity d. neither lower productivity nor lower real GDP per person.