Which of the following is true in a regulatory environment?
A. The number of consumers is large, and their individual payoffs from successful lobbying are also large.
B. The demand for regulation is perfectly inelastic.
C. The supply of regulation is usually tied to another industry's success.
D. The number of consumers is large, and their individual payoffs from successful lobbying are small.
Answer: D
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In the labor market, as wages rise, households
A) decrease the quantity of labor supplied. B) increase the quantity of labor supplied. C) decrease the quantity of labor demanded. D) increase the quantity of labor demanded. E) increase the supply of labor.
How is real GDP calculated?
What will be an ideal response?
According to monetarists, changes in velocity can
A) lower GDP B) raise GDP C) shift the SRAS, but not the LRAS D) a and b E) a, b and c
If choice architects frame choices in terms of social norms people will:
A. behave according to how they view that norm. B. behave with the majority. C. be unaffected by what the majority is doing. D. behave in the opposite way, because "going rogue" is celebrated in our culture.