The human and capital resources used by businesses to satisfy regulatory requirements are known as compliance costs.
Answer the following statement true (T) or false (F)
True
The human and capital resources expended by industries to educate themselves about the regulations, to change their production behavior, and to file reports with the regulatory authorities are the compliance cost of regulation.
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The total of all planned production for the entire economy is known as
A) aggregate inflation. B) aggregate supply. C) aggregate expenditures. D) aggregate demand.
In 2001, Pablo earned $200 per week at his job. In 2011, Pablo earned $240 per week. If the CPI in 2001 was 100 and the CPI in 2011 was 152, then
A) Pablo was better off in 2011 because his weekly wage was higher. B) the 2001 wage measured in 2011 dollars is $157.89. C) the 2011 wage measured in 2001 dollars is $157.89. D) the 2001 wage measured in 2011 dollars is $131.58. E) the 2001 wage measured in 2011 dollars is $100.
When an economy faces diminishing returns,
A) the slope of the per-worker production function becomes flatter as capital per hour worked increases. B) the per-worker production function shifts to the left. C) the per-worker production function shifts to the right. D) the slope of the per-worker production function becomes steeper as capital per hour worked increases.
A Lorenz curve is a geometric representation of the:
A. behavior of income over time. B. level of income earned by a given family in a given country at a given time. C. behavior of income across countries. D. share distribution of income among families in a given country at a given time.