Quiz_182 - 23 , A h

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23) Financial contributions to the campaigns of members of Congress, state legislators and otherelected officials by firms that seek special interest legislation that make the firms better off are A) irrational because elected officials will almost always act in the interest of the voters whohave to pay the cost of the legislation.B) examples of rent seeking.C) the result of the voting paradox.D) illegal.Answer: B 23) Diff: 1 Page Ref: 584 - 585/584 - 585 Topic: Rent Seeking Learning Outcome: Micro 19: Explain the concept of efficiency in the economy and obstacles to achieving it AACSB: Reflective Thinking 24) Congressman Flack votes for a program that will benefit the constituents of Congressman Walpole.Which of the following explanations for Flackʹs vote is most consistent with the public choicemodel? 24) Diff: 2 Page Ref: 585/585 Topic: Logrolling Learning Outcome: Micro 19: Explain the concept of efficiency in the economy and obstacles to achieving it AACSB: Reflective Thinking 25) Congressman Flack votes for a program that will benefit the constituents of Congressman Walpole.The public choice model suggests that Flackʹs vote is best explained by which of the following? 25) Diff: 1 Page Ref: 585/585 Topic: Logrolling Learning Outcome: Micro 19: Explain the concept of efficiency in the economy and obstacles to achieving it AACSB: Reflective Thinking 26) Many economists believe that when the federal government establishes an agency to regulate aparticular industry, the regulated firms try to influence the agency even if these actions do notbenefit the public. Economists refer to this result of government regulation by which of thefollowing terms? 26) Diff: 2 Page Ref: 585 - 586/585 - 586 Topic: Regulatory Capture Learning Outcome: Micro 5: List ways in which governments intervene in markets and explain the consequences of such intervention AACSB: Reflective Thinking 7
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  • Fall '13
  • AACSB, Page Ref, Reflective thinking

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