Social regulation is focused on all of the following EXCEPT
A. the impact of production on the environment and society.
B. better working conditions, and safer and better products.
C. ensuring costs are minimized and benefits are maximized.
D. a better quality of life through a less polluted environment.
Answer: C
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A.W. Phillips' study of unemployment and inflation in the United Kingdom specifically looked at the empirical relationship between the unemployment rate and the
A) rate of change in prices. B) rate of change in nominal wages. C) rate of change in real wages. D) level of nominal wages.
Suppose a profit-maximizing monopoly is able to employ group price discrimination. The marginal cost of providing the good is constant and the same in both markets
The marginal revenue the firm earns on the last unit sold in the market with the higher price will be A) greater than the marginal revenue the firm earns on the last unit sold in the market with the higher price. B) less than the marginal revenue the firm earns on the last unit sold in the market with the higher price. C) equal to the marginal revenue the firm earns on the last unit sold in the market with the higher price. D) greater than the marginal cost of the last unit.
The demand curve for a monopolist:
A.) Is steeper than the marginal revenue curve. B.) Lies below the marginal revenue curve at every point but the first. C.) Is the same as the marginal revenue curve. D.) Lies above the marginal revenue curve at every point but the first.
Which of the following statements is false?
A) Activists are more likely to advocate fine-tuning the economy than nonactivists. B) Activists believe that monetary and fiscal policies can be and should be deliberately used to smooth out the business cycle. C) Nonactivists believe that monetary and fiscal policies cannot and should not be deliberately used to (try to) smooth out the business cycle. D) Nonactivists favor rules-based monetary policy. E) none of the above