Uncertainty a is the result of economic rent seeking

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72.Uncertaintya.is the result of economic rent seeking.b.is the same thing as risk.c.exists when the probability of a given event can be estimated.d.exists when the probability of a given event cannot be estimated.e.none of the aboveANS: DDIF:Easy
73.In a very popular movie, the principal character wore aviator sunglasses that were given to the moviestudio by the sunglasses producer. The sunglasses suddenly became very popular, and their producerearned significant profits. Which of the following theories on the source of profits discussed in the textbest describes the reason behind this success?DIF:Moderate
74.Many years ago someone developed an item that was simply a small rock inside a box with holes. Theperson earned large profits from selling "pet rocks." Which of the following theories on the source ofprofits best describes the reason behind this success?DIF:Moderate
75.Which of the following isnota theory of the source of profit as discussed in the text?DIF:Moderate
76.If a firm is incurring a loss, the loss is a signal thata.the firm is not a monopolist.b.the firm has never enjoyed profits.c.consumers would rather have some of the resources used by the loss maker be used toproduce other goods.
102
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d.the government has withdrawn its "protection" of the firm.ANS: CDIF:Moderate77.Jim Smith made his fortune by buying and selling real estate. Which of the following theories on thesource of profits best describes the reason behind his success?DIF:Moderate

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Term
Spring
Professor
Dungan
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Exploring Macroeconomics
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Chapter 13 / Exercise 15
Exploring Macroeconomics
Sexton
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