The bottom or low point of a recession just before an expansion begins is called...
What will be an ideal response?
a trough
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The public choice model raises questions about the government's ability to regulate economic activity efficiently. Which of the following statements represents the views of most economists with regard to the role of government?
A) U.S. citizens can afford more government regulation if the cost of this regulation is borne mostly by taxpayers with the highest incomes. B) Government should do more to regulate markets. The public choice model has shown that rent seeking and rational ignorance affect more markets than are currently subject to regulation. C) Agencies such as the Food and Drug Administration and the Environmental Protection Agency can serve a useful purpose, but we need to take the costs of regulation into account along with the benefits. D) Congress should abolish the Food and Drug Administration, the Environmental Protection Agency, and other agencies and commissions because the costs of their actions exceed the benefits they provide to the public.
An arrangement in which a group of countries give each other preferential trade terms is
a. Generalized System of Preferences b. customs union c. foreign trade zone d. General Agreement on Tariffs and Trade e. all of the above
__________ is the science or practice of managing money or other assets
a. Actuarial management b. Budgeting c. Accounting d. Financial management
If social regulation causes the supply curve in a market to shift up because of higher marginal costs, then:
a. both consumer and producer surplus will decrease. b. both producer and consumer surplus will increase. c. consumers will gain at the expense of producers. d. producers will gain at the expense of consumers. e. there will be no change in the sum of producer and consumer surplus, although its division may change.