According to the special interest theory,
a. economic regulation is designed to promote social welfare
b. producers may be able to influence regulators to impose restrictions favorable to producers
c. groups of consumers with special interests may be able to control a regulatory agency to their own benefit
d. foreign lobbyists may be able to control a regulatory agency to their own benefit
e. the fighting between special interest groups over economic regulation may cancel out effects of such regulation
B
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________ occur when the average total cost falls as the quantity produced increases
A) Increasing marginal returns B) Decreasing marginal returns C) Economies of scale D) Diseconomies of scale
Which of the following provides the clearest example of human capital?
A) Automated equipment that can be used without any accompanying human labor B) Corporate stock owned by individuals and families rather than institutions such as mutual funds or corporations C) Machinery that has been designed and constructed by human beings D) Tools that cannot be used effectively except in combination with workers E) The ability to read
Which of the following futures contracts is available on the various commodity exchanges in the United States?
A) Treasury bond futures B) Investment-grade bonds C) Over-the-counter stocks D) U.S. savings bonds
Which of the following events challenged Keynesian views, and led to the popularity of Milton Friedman's ideas?
a. The hippie community started advocating socialist values. b. Hard-core republicans came into office. c. The U.S. economy faced high levels of inflation and unemployment simultaneously. d. The oil crisis exploded. e. Countries that followed Friedman's ideas performed better.