Which of the following would be a laissez-faire approach for the government to follow?
a. take control of the nation's airline system
b. regulate the allowable emissions of pollutants from electric plants
c. remove all regulations on the channels a cable television system must carry
d. become more stringent in the type of mergers that receive government approval
e. protect dairy-farm owners with a guaranteed minimum price for milk
C
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Answer the next question based on the demand and cost schedules for a monopolistically competitive firm given in the table below.PriceQuantity DemandedTotal CostOutput$201$101182202163293144364125405106426What output quantity will the monopolistically competitive firm produce to maximize profits?
A. 3 B. 5 C. 6 D. 2
Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $20, how much economic profit does the firm make?
A) $0 B) $12 C) -$20 D) -$10
Critical assumptions behind the Laffer curve include
a. labor supply is inelastic. b. investment is very responsive to higher savings and lower interest rates. c. the economy is above the marginal tax rate that maximizes tax revenue. d. both b and c. e. all of the above.
Which of these economic changes was observed during the Great Depression?
a. A fall in the domestic price level leading to an increase in import demand b. A fall in resource prices leading to an increase in aggregate supply c. An increase in unemployment leading to a decrease in the aggregate demand d. An increase in the domestic price level leading to an increase in export demand e. An increase in real GDP leading to an increase in the real interest rate