Rent seeking
A) is the act of obtaining special treatment by the government to create economic profit.
B) is the attempt to get rent from tardy renters.
C) occurs when landlords advertise for apartments and other property for rent.
D) is an attempt to sell a property and capture economic profit.
E) occurs when a firm charges different prices for different units of its good or service.
A
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Which of the following is NOT a cause for an oligopoly to exist?
A) economies of scale B) structural dependence C) barriers to entry D) horizontal mergers
Supply curves generally slope upward because of all of the following reasons except one. Which is the exception?
a. Producers are willing to offer more of a good at higher prices. b. A higher price attracts resources from less-valued uses. c. Producers must be compensated for the rising opportunity cost of additional output. d. Producers have a greater incentive to sell more as the price increases. e. The price of a good usually must fall to induce an increase in quantity supplied.
The term "dirty float" is used to describe a: a. currency that is allowed to float only in prosperous times
b. nation that switches from free to fixed rates of exchange. c. black market in foreign currencies. d. floating currency that is sometimes changed by government central bank authorities.
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline