Rent seekers are those who seek to
a. use the government to protect their existing property interests
b. use the government to change the rules of the market game in their favor
c. convert public land into private land
d. convert public resources into private resources
e. maximize their own private gains from trade
B
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Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
According to the functional distribution of income, in the United States
A) capital earns most of the income. B) labor earns most of the income. C) land earns most of the income. D) entrepreneurs earned most of the income. E) the income earned by capital and labor are approximately equal.
In the above figure, suppose the economy had been at point A and now is at B. What could have led to the movement to B?
A) a tax hike B) an increase in government expenditures on goods and services C) Winter storms cause factories in the north to be shut down for several weeks. D) an increase in the money wage rates
Answer the following questions true (T) or false (F)
1. In the short run, a firm that incurs losses might choose to produce rather than shut down if the amount of its revenue is less than its fixed cost. 2. If a firm shuts down in the short run, it avoids its variable cost but not its fixed cost. 3. If a firm shuts down in the short run, its maximum loss equals the amount of its fixed cost.