Between 1965 and 1972, eight major pieces of consumer-protection legislation were enacted. This burst of legislative activity was largely driven by
a. increased public fears following the thalidomide tragedy.
b. public outcry following a series of steamboat explosions.
c. a general lack of faith in the market.
d. widespread support for the "Reagan Revolution.".
c. a general lack of faith in the market.
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A monetary policy that reduces both real and nominal income:
A. cannot be expansionary or contractionary. B. must be contractionary. C. must be expansionary. D. could be expansionary or contractionary.
Stockholders of ComfortAir Corporation, an air conditioner and furnace manufacturer, are concerned that the companies executives may take on greater risks than stockholders desire. This example illustrates
a. moral hazard and market risk. b. moral hazard and firm specific risk. c. adverse selection and market risk. d. adverse selection and firm specific risk.
A pollution tax internalizes the costs of pollution a firm is imposing on others.
Answer the following statement true (T) or false (F)
A simplified representation of the real world that is used to explain economic phenomena is a(n)
A. model. B. assumption. C. viewpoint. D. implication.