The theory that regulators' behavior will eventually be compromised by the special interests they regulate is known as the
A) capitulation hypothesis.
B) creative hypothesis.
C) captive hypothesis.
D) capture hypothesis.
Answer: D
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A ________ is the privilege granted to an individual or company by the government, which gives them the sole right to produce and sell a good
A) brand B) patent C) copyright D) trademark
Over the past decade technological improvements that have lowered the cost of producing an automobile have increased
A) both the supply and the demand for automobiles. B) the supply but not the demand for automobiles. C) the demand but not the supply of automobiles. D) neither the supply nor the demand for automobiles.
If four workers can produce 18 chairs a day and five can produce 20 chairs a day, the marginal product of the fifth worker is
A) 2 chairs. B) 3 chairs. C) 4 chairs. D) 38 chairs.
Every society must deal with the problem of scarcity because:
a. people do not have enough money to buy everything they need. b. government levies heavy taxes on households and firms. c. human beings become satiated as consumption increases. d. human wants are nearly unlimited relative to the availability of resources. e. productive resources, technology, and labor are unlimited.