Laws that make it difficult to start a new business lead to a
A) high rate of economic growth.
B) low rate of economic growth.
C) more political freedom.
D) laissez-faire.
B
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A manufacturer of grenade launchers estimates that the probability of a fatal accident caused by the design of its product is 1/80,000 and the value of a life lost is $2 million
The manufacturer can change the design to eliminate that chance for $20 per grenade launcher and is prepared to incorporate all cost-justified precautions. Will the manufacturer change the design? What would the benevolent social planner think about the manufacturer's decision if the true value of a life is actually $1.5 million?
The above figure shows the market for apples. If the government restricts output to no more than 300 pounds, then
A) 300 pounds of apples will be sold at $3. B) 200 pounds of apples will be sold at $3. C) no apples will be sold. D) None of the above.
Which of the following owns the largest portion of the U.S. national debt?
A. State and local governments. B. The federal government. C. Foreigners. D. The private sector.
Which of the following is not correct?
a. A union is a worker association that bargains with employers over wages, benefits, and working conditions. b. Unions play a much larger role in the U.S. labor market now than they did in the past. c. Unions play a large role in many European countries. d. A union is a type of cartel.