Social regulation:
A. Was developed as a substitute for industrial regulation
B. Has declined in importance in recent years
C. Applies more broadly and affects more people than industrial regulation
D. Is more concerned with the overall standard of living of society rather than with details of production processes
C. Applies more broadly and affects more people than industrial regulation
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What must be given up to obtain an item is called
a. out-of-pocket cost. b. comparative worth. c. opportunity cost. d. absolute value.
The government often intervenes when private markets fail to provide an optimal level of certain goods and services. For example, the government imposes an excise tax on gasoline to account for the negative externality that drivers impose on one another. Why might the private market not reach the socially optimal level of traffic without the help of government?
In the absence of technological progress, which of the following remains constant in the steady state equilibrium?
A) investment per worker B) output per worker C) saving per worker D) all of the above E) only A and B
Explain the barriers to effective communications, including problems with communicating electronically.
What will be an ideal response?