The government often enacts regulation that benefits producers because
a. the government seeks to regulate in the best interest of the public
b. consumers have less information than producers and therefore seek government protection
c. consumers have a strong interest in matters that affect their standard of living
d. producers have a strong interest in matters that affect their specialized source of income
e. producers seek to act in the best interest of the public
D
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Suppose we claim that the rapid economic growth in Barylia can be attributed to the culture hypothesis. Which of the following statements is most likely to be concluded from this claim?
A) Barylia must have large stocks of productive natural resources. B) Institutions in Barylia must have been inclusive. C) Barylia must have a huge stock of physical capital. D) The local people in Barylia must be socially inclined to work hard.
Gross domestic product that is based on existing prices is called:
a. nominal GDP. b. current GDP. c. money GDP. d. all of these.
Graphs are valuable because they facilitate interpretation of data
a. True b. False Indicate whether the statement is true or false
What will actual unemployment be (in relation to the natural rate) in each of the following cases? Use a graph of the modern Phillips curve in your answer
a. Decision makers underestimate inflation. b. Decision makers overestimate inflation. c. Decision makers correctly forecast inflation.