The pursuit through government of a "transfer of wealth" at someone else's expense refers to:
A. logrolling.
B. rent-seeking behavior.
C. the paradox of voting.
D. the median-voter model.
Answer: B
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Between 2017 and 2018, the CPI of a small nation rose from 182 to 185. If household incomes rose by 3% during that period of time, which of the following is true?
A) The purchasing power of household income rose between 2017 and 2018. B) The purchasing power of household income fell between 2017 and 2018. C) The purchasing power of household income remained constant between 2017 and 2018. D) The CPI cannot be used to determine how the purchasing power of household income changes over time.
Empirical evidence shows that prices are sticky ________
A) in all sectors of the economy B) in hardly any sectors of the economy C) except in response to changes within individual markets D) all of the above E) none of the above
Adverse selection can occur when
A) all persons involved in a transaction have full information. B) one person has information not available to others. C) post-agreement incentives result in workers shirking. D) nobody has any information about a particular product.
A perfectly competitive firm with a random demand has an expected demand curve that is ________ its expected price.
A) exactly double B) equal to C) less than D) greater than