The major aim of government regulation is to
A. Alter industry behavior.
B. Prevent monopolies from forming.
C. Restrict competition.
D. Control the structure of an industry.
Answer: A
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In the 1950s, crude oil and natural gas imports were restricted to keep the domestic industries viable in case of a war. The rationale for this protection is the ________ argument for protection
A) save domestic jobs B) national security C) anti-dumping D) infant-industry E) penalizing lax environmental standards
If a firm is a perfectly competitive purchaser of factor inputs and the wage rate is $5, the marginal factor cost for labor is
A) greater than $5. B) less than $5. C) $5. D) indeterminate.
In 2016, Social Security and Medicare payments accounted for almost _____ of federal outlays
a. 7 percent b. 25 percent c. 15 percent d. 38 percent e. 52 percent
Consumer surplus is
A) the total difference between the total amount that consumers actually pay for an item and the total amount that they would have been willing to pay. B) the total difference between the total costs firms incur in producing an item and the utility consumers derive from purchasing the item. C) the total difference between the total amount that consumers would have been willing to pay for an item and the total amount that they actually pay. D) the total difference between the utility consumers derive from purchasing an item and the total costs firms incur in producing the item.