? You are considering buying a store. The store owner shows you sales figures of the store on a “typical” day. The owner has most likely shown you figures for
a. The less productive day
b. The more productive day
c. Any typical day
d. All the days that the store was owned by him
Answer: b. The more productive day
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From 1980 to 1992 net national saving in the United States averaged approximately ________ percent of national income
A) 32 B) 18 C) 12 D) 4.7 E) 2.2
The Interstate Commerce Commission (ICC) regulates railroads, barges and trucks. Suppose technical change lowers the costs of railroads
As a result, the ICC permits railroads to lower prices some but also alters the rates of barges and trucks so they get additional business. The ICC would be acting consistently with A) the capture theory of regulation. B) the public interest theory of regulation. C) the share-the-gains, share-the-pains theory of regulation. D) None of the theories presented in the text since economic regulation is specific to a single industry and not to agencies that cover more than one industry. That is the province of social regulation.
____________ regulation is based on setting the price of, say, water or electricity, at the average cost of production while allowing a normal profit for the firm.
a. Price cap b. Cost-plus c. Fixed price d. Bundling
Productivity growth tends to affect all industries to the same degree
a. True b. False Indicate whether the statement is true or false