Multiple Choice
If the government lowers the tax on steel sold in the US, and the tax is levied on producers, what is the most likely effect in the steel market?
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0. Basic Principles of Economics
Introduction to Economics
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
In the context of economics and political systems, what is the term for a group of people who seek to control the government by winning elections?
A
Trade union
B
Interest group
C
Lobbying firm
D
Political party
Verified step by step guidance1
Understand the question: It asks for the term that describes a group of people aiming to control the government by winning elections.
Review the options given: Trade union, Interest group, Lobbying firm, and Political party.
Recall definitions: A trade union represents workers' interests, an interest group tries to influence policy without necessarily running for office, and a lobbying firm advocates on behalf of clients to policymakers.
Identify the key phrase: 'seek to control the government by winning elections' implies actively participating in elections to gain political power.
Conclude that the correct term is 'Political party,' as political parties organize to contest elections and govern if successful.
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