Which of the following is an example of the opportunity cost involved with social regulation?
a. The monetary costs of hiring administrative assistants to fill out OSHA safety reports
b. The environmental costs of pollution control required under the Clean Air Act
c. The monetary costs of laboratory trials required to try out a new drug
d. The lives that are lost because new drugs are not introduced quickly
e. The monetary cost of manufacturing a life saving drug
d
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The major difficulty with using a tax on pollution instead of a fixed percentage reduction regulation is:
A. that it only works in theory. B. that firms would not pay the tax. C. establishing the optimal size of the tax. D. that it would cause prices to rise.
In equilibrium, which of the following conditions is common to both unregulated monopoly and pure competition?
A) P = MR B) AR = ATC C) MR = MC D) MC = P
The more human capital workers have, the:
A. less productive they are. B. more productive they are. C. lower the value of their marginal product. D. more technology they will require for their job.
Karl Marx predicted that the exploitation of workers would cause capitalism to self-destruct
a. True b. False Indicate whether the statement is true or false