The welfare costs of rent seeking will approximate _____.
a. the value of the resources expended in lobbying
b. the deadweight loss of taxation
c. the value of the rent-seeking benefits
d. zero if political markets are perfectly competitive
Question 2
The Laffer Curve demonstrates that _____.
a. at some level of tax rates, tax revenues decline
b. there is no relationship between tax rates and tax revenue
c. there is no relationship between tax rates and labor supply
d. at some level of tax rates, labor supply declines
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