If rent seeking was, on average, a losing proposition, _____
a. rent seekers would exit rent seeking until losses from rent seeking equaled zero
b. rent seeking would stop because it was no longer profitable
c. rent seekers would increase competition for scarce benefits
d. rent seeker would exit rent seeking until there is a normal rate of return to rent seeking
d
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Economic freedom is a precondition for economic growth. Which of the following is a characteristic of economic freedom? i. A democratic form of government ii. Property rights must be protected. iii
The government must support and pay for inventions and innovations. A) i only B) ii only C) Both i and ii D) Both ii and iii E) Both i and iii
In general, the largest sources of revenue for state and local governments come from:
a. Sales taxes and property taxes b. Sales taxes and corporate taxes c. Property taxes and individual income taxes d. Individual income taxes and sales taxes