According to the ________ theory of regulation, regulators must take into account the preferences of legislators, consumers, and producers
A) capture
B) general interest
C) public interest
D) share-the-gains, share-the-pains
D
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Which among the following is an example of "economizing" behavior?
A) A ski resort owner who is deciding whether or not to remain in operation during a season with abnormally low snowfall B) The board of directors of a major bank who are considering opening new branches in a neighboring state C) The planning committee of a conservative church parish, which is considering the reintroduction of the Post-Tridentine, Latin-language mass D) A family comparing the costs of a vacation in the mountains to the cost of a vacation at the beach E) All of the above.
When output is held constant, inflation does which of the following?
(a) Increases real GDP (b) Increases real income (c) Increases government spending (d) Reduces the purchasing power of individuals living on fixed incomes.
A competitive firm produces notebooks which sell in the market at $2 each. The firm hires 40 workers. If the market price of the notebooks increases to $3.5 each, which of the following statements is true?
a. The firm's labor demand curve will become flatter. b. The firm's labor demand curve will shift outward parallel to itself. c. The firm's labor demand curve will shift outward parallel to itself. d. The firm's labor demand curve will become steeper.
The invisible hand principle indicates that competitive markets can help promote the efficient use of resources
a. only if buyers and sellers really care, personally, about economic efficiency. b. even if business firms fail to produce goods efficiently. c. if, and only if, businesses recognize their social obligation to keep costs low and use resources wisely. d. even when market participants care only about their own self interests rather than about the overall efficiency of resource use.