Question 3 To the extent that special-interest groups engage in rent seeking, they are guilty of tax evasion tend to make the economy more efficient support legislation transferring wealth to themselves only if the measure increases the economy's overall efficiency shift resources from endeavors that create income to activities that simply transfer income tend to increase the economy's total output of goods and services while redistributing income
Question 3 To the extent that special-interest groups engage in rent seeking, they are guilty of tax evasion tend to make the economy more efficient support legislation transferring wealth to themselves only if the measure increases the economy's overall efficiency shift resources from endeavors that create income to activities that simply transfer income tend to increase the economy's total output of goods and services while redistributing income
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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HELP WITH 3 QUESTION IN PICTURE
Transcribed Image Text:Rent seeking reduces our economy's overall efficiency by
getting government to adopt legislation that actually reduces production
disseminating market information
lowering taxes
getting voters more interested in politics
O reducing equity
Question 3
To the extent that special-interest groups engage in rent seeking, they
are guilty of tax evasion
tend to make the economy more efficient
support legislation transferring wealth to themselves only if the measure increases the economy's overall efficiency
shift resources from endeavors that create income to activities that simply transfer income
tend to increase the economy's total output of goods and services while redistributing income
Question 4
A large U.S. steel firm wants to restrict imports of Japanese steel, but Ford Motor Company wants fewer restrictions on steel so that
the price of steel will go down. This can best be described as
a zero-sum game
a competing-interest situation
a special-interest situation
a situation without widespread costs and benefits
an argument over distribution of a public good
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