Payoffs for Lobbying Members of the Executive Branch Can Be

question 153

Multiple Choice

Payoffs for lobbying members of the executive branch can be high because

• A) Congress has little power to oversee the bureaucracy and cannot interfere with lobbying.
• B) presidents grant significant access to interest groups.
• C) executive branch officials are not very knowledgeable about policy.
• D) executive agencies have broad discretion how to implement policies.
• E) all of the above

Understand the Heckscher-Ohlin model and its predictions about trade patterns based on factor endowments.

Recognize the political motivations behind trade protection measures.

Learn about the concepts of export and import in international trade.

Understand the effects of trade on wages and employment across different labor markets.

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Definitions:

Incur a Loss

To experience a negative financial result from business operations, investments, or other economic activities.

Economic Profits

The difference between total revenue and total cost, including both explicit and implicit costs, representing the additional amount earned above the next best alternative.

Cable Subscriptions

Fees paid by consumers to access television services provided over cable infrastructure.

MC

Marginal Cost, which is the increase in total cost that arises from producing one additional unit of a good or service.