In which of the following situations is the political process likely to result in the inefficient and wasteful use of resources?
a. when the benefits are concentrated and the costs are concentrated
b. when the benefits are concentrated and the costs widespread
c. when the benefits are widespread and the costs are concentrated
d. when the benefits are widespread and the costs are widespread
B
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The relationship that implies that the nominal interest rate is equal to the real interest rate plus expected inflation is called the
A) exchange rate equation. B) Fisher equation. C) interest rate equation. D) term structure of interest rates.
In 2003, the WTO ruled that U.S. tariffs on ________ were unfair and allowed retaliatory tariffs on U.S. products.
A. diamonds imported from South Africa B. beef imported from Argentina C. steel imported from the EU D. automobiles imported from Japan