Rent Seeking Is the Actions of

question 68

Multiple Choice

Rent seeking is the actions of

• A) individuals and groups who spend resources to influence public policy in the hope of redistributing income to themselves from others.
• B) a subset of the population that hold intense preferences for a particular government service.
• C) some citizens who choose not to acquire information because the costs of acquiring the information are greater than the benefits.
• D) politicians who exchange votes to gain support for their own legislation.

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Definitions:

Sales Tax Payable

The amount of sales tax collected from customers that a business owes to the government.

Sales Tax

A tax imposed by a government on the sale of goods and services.

List Price

The manufacturer's suggested retail price of a product before any discounts or allowances.

Purchases Discount

A reduction in the amount payable by a buyer to a seller, if the payment on the purchase is made within a specified period.