In the context of rent seeking, rents refer to _____
a. payments made to factors of production for private benefit that do not add anything to social output.
b. payments made to politicians for private benefit that do not add anything to gross domestic product
c. payments made to factors of production for private benefit that add to social output
d. payments made to third parties to find opportunities for lobbying
a
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The higher the marginal income tax rate, the
a. higher the MPC out of disposable income. b. lower the MPC out of disposable income. c. higher the autonomous expenditure multiplier. d. lower the autonomous expenditure multiplier. e. None of the above
Suppose you are on a committee seeking to increase revenue from your city's bus system. If demand is _______, you would recommend raising the fare
a. perfectly elastic b. elastic c. unitary elastic d. inelastic