Rent seeking through lobbying
A) reduces deadweight loss.
B) uses up resources that result in additional costs to society.
C) results in perfect price discrimination.
D) results in perfectly competitive industries.
B
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If the Phillips curve represents a "structural relationship," then
A) the Phillips curve will be vertical in the long run. B) the trade-off between unemployment and inflation is permanent. C) the trade-off between unemployment and inflation holds only for the short run. D) the trade-off between unemployment and inflation holds in the long run, but not in the short run.
Explain whether you agree or disagree with the following statement: "The reason that inflation is bad is because it increases the cost of living — the costs of goods and services we buy — without increasing income in general."
What will be an ideal response?