In 2006, the American Association of Retired Persons (AARP) spent over $70 million on lobbying-related expenses in an attempt to get policies enacted that would benefit retirees. In economics, the term used to describe such activity is

Question

Quizplus · Accepted Answer

Rent seeking refers to the activities undertaken by individuals or organizations to influence public policy in a way that will increase their incomes without creating new wealth, such as lobbying for favorable regulations or subsidies.

In 2006, the American Association of Retired Persons (AARP) Spent