The task of economic regulation is to:
a. protect monopoly profits.
b. approximate the results of the competitive market.
c. replace competition with government ownership.
d. ensure laissez faire.
e. increase competition within the market.
b
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What is meant by the term "inflation targeting"? What is the Fed's objective regarding inflation?
What will be an ideal response?
The question "Will doctors or lawyers have higher annual incomes?" represents which of the three basic economic questions?
What will be an ideal response?
A zero pollution level is not achievable because
A) corporations would lobby against it. B) it implies no production and no consumption. C) it implies an output level larger than that from a competitive market equilibrium. D) consumption would be larger than production.
Economic growth is:
A. about the quality of life for all sectors of society. B. an indicator of individual poverty. C. a measurement of available resources. D. the measure of changes in real GDP.