Command-and-control regulation, as compared to incentive-based regulation, is:
A. efficient in the short run and in the long run.
B. efficient in the short run, but not in the long run.
C. inefficient in the short run, but efficient in the long run.
D. inefficient in the short run and long run.
Answer: D
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A change in any of the following factors EXCEPT ________ shifts the aggregate demand curve
A) expectations about the future B) the money wage rate C) monetary and fiscal policy D) foreign income E) the foreign exchange rate
Which of the following always raises the equilibrium price?
A) an increase in both demand and supply B) a decrease in both demand and supply C) an increase in demand combined with a decrease in supply D) a decrease in demand combined with an increase in supply
A consequence of increasing marginal costs of producing laptop computers in the United States is
A) the United States will not export laptop computers. B) the United States will stop short of complete specialization in the production of laptop computers. C) the United States will likely impose trade restrictions on imported laptop computers. D) the United States will import laptop computers from countries that don't experience increasing marginal costs.
Protection provided to the infant industries is rarely withdrawn because:
a. the costs of withdrawing protection outweigh the benefits. b. the industries begin to experience diseconomies of scale. c. it leads to a loss of government revenue. d. the industries produce goods which are close substitutes of the imported goods. e. the larger and more successful the industry becomes, the more political power it wields.