In 2006, the American Association of Retired Persons (AARP) spent over $70 million on lobbying-related expenses in an attempt to get policies enacted that would benefit retirees. In economics, the term used to describe such activity is
a. logrolling.
b. rent seeking.
c. influence peddling.
d. redistribution searching.
B
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If new capital increases labor productivity, the supply of labor ________ and the demand for labor ________
A) stays the same; increases B) increases; increases C) increases; decreases D) decreases; stays the same
What is marginal private cost?
What will be an ideal response?
For a perfectly competitive firm, the marginal revenue product is equal to the marginal product multiplied by the output price
a. True b. False Indicate whether the statement is true or false
Holding other factors constant, if food prices decline relative to the prices of other products, then the real wages of agricultural workers will ________ and employment of agricultural workers will ________.
A. decrease; decrease B. increase; decrease C. decrease; not change D. increase; increase