Government controls of price, output, entry of new firms, and quality of service in industries where monopoly appears desirable are known as
a. antitrust regulation
b. economic regulation
c. social regulation
d. antimerger regulation
e. consumer advocacy regulation
B
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The horizontal axis for an aggregate demand curve measures
A) output of all goods and services measured as a quantity index. B) real Gross Domestic Product (GDP). C) quantity demanded of the representative good. D) disposable personal income.
Models of growth that account for technological progress are part of
A) creative destruction theory. B) growth accounting. C) new growth theory. D) all of the above.
A common approach that economists use to understand, explain and predict economic phenomena is to
A) form a theory or model. B) conduct experiments in a science lab. C) ask what people think. D) examine people's thought processes.
During recessions, consumers tend to purchase more durable goods, so that sales of new durables are relatively strong
Indicate whether the statement is true or false