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Question: Rent-seeking in public choice economics is best described as, a. When special interest groups or ...

Show transcribed image text Rent-seeking in public choice economics is best described as, a. When special interest groups or firms seek protection against competition to ensure above-normal profit without creating value in the market b. When the state prevents factor mobility favoring some over others c. Intervention which prevents free-trade d. All of the above relate to rent-seeking Perfect factor mobility means that, a. There is no state intervention into the market b. Economic efficiency is maximized c. There is an average or normal rate of profit emerged in exchange d. All of the above relate to perfect factor mobility As discussed in class from the New York Times, the President of Mexico would like to, a. end debate over NAFTA with the new Trump administration as soon as possible, in other would like to reduce "regime uncertainty" in order to encourage current entrepreneurial investment. b. prolong re-negotiations over NAFTA if possible to ensure that special interest groups which support him politically can gain rents. c. Unilaterally declare free-trade by opening Mexico's borders to all goods in order to realize the comparative advantage afforded by free-trade. What are the "lag times" in the implementation of fiscal policy in the USA during the downward port the business cycle? a. the time it takes for the National Bureau of Economic Research (NBER) to declare authoritatively when economy is in a recession/depression b. the time it takes for the administration to put-together a budget and the time for the legislature to pass the c. the time it takes for the administration to spend the budget once it is passed by the legislature d. all the above are lag-times, lag-times which may lead to "crowding-out" of private expenditures by expenditures during the recovery period When the Federal Open Market Committee (FOMC) wants increase the money supply to encourage investment during the downward portion of the business cycle, a. It sells bonds to the commercial banks it regulates b. It buys bonds from the commercial banks it regulates c. It allows bankrupt businesses to liquidate through commercial law enabling "creative destruction" to assets towards their highest return According to Robert Higgs, regime uncertainly is. a. A solid, predictable and unchanging rule of law to encourage investment in the long-term b. When entrepreneurs distrust political leadership which makes them wary of investing in the long-tem e. When entrepreneurs are able to seek special interest economic rents (super profits) by gaming the towards their favor Measures of economic freedom (and thus a proxy for wealth-creation over the long-term), include a. How well domestic producers are protected from foreign competition b. How well the state balances its budget and how low is the tax rate on returns to investment c. How much the state central bank devalues the currency to encourage exports

Rent-seeking in public choice economics is best described as, a. When special interest groups or firms seek protection against competition to ensure above-normal profit without creating value in the market b. When the state prevents factor mobility favoring some over others c. Intervention which prevents free-trade d. All of the above relate to rent-seeking Perfect factor mobility means that, a. There is no state intervention into the market b. Economic efficiency is maximized c. There is an average or normal rate of profit emerged in exchange d. All of the above relate to perfect factor mobility As discussed in class from the New York Times, the President of Mexico would like to, a. end debate over NAFTA with the new Trump administration as soon as possible, in other would like to reduce "regime uncertainty" in order to encourage current entrepreneurial investment. b. prolong re-negotiations over NAFTA if possible to ensure that special interest groups which support him politically can gain rents. c. Unilaterally declare free-trade by opening Mexico's borders to all goods in order to realize the comparative advantage afforded by free-trade. What are the "lag times" in the implementation of fiscal policy in the USA during the downward port the business cycle? a. the time it takes for the National Bureau of Economic Research (NBER) to declare authoritatively when economy is in a recession/depression b. the time it takes for the administration to put-together a budget and the time for the legislature to pass the c. the time it takes for the administration to spend the budget once it is passed by the legislature d. all the above are lag-times, lag-times which may lead to "crowding-out" of private expenditures by expenditures during the recovery period When the Federal Open Market Committee (FOMC) wants increase the money supply to encourage investment during the downward portion of the business cycle, a. It sells bonds to the commercial banks it regulates b. It buys bonds from the commercial banks it regulates c. It allows bankrupt businesses to liquidate through commercial law enabling "creative destruction" to assets towards their highest return According to Robert Higgs, regime uncertainly is. a. A solid, predictable and unchanging rule of law to encourage investment in the long-term b. When entrepreneurs distrust political leadership which makes them wary of investing in the long-tem e. When entrepreneurs are able to seek special interest economic rents (super profits) by gaming the towards their favor Measures of economic freedom (and thus a proxy for wealth-creation over the long-term), include a. How well domestic producers are protected from foreign competition b. How well the state balances its budget and how low is the tax rate on returns to investment c. How much the state central bank devalues the currency to encourage exports