Command-and-control legislation, as compared to incentive-based regulation:
a. encourages the use of comparative advantage in the short run, and the development of new technology in the long run.
b. encourages the use of comparative advantage in the short run, but discourages the development of new technology in the long run.
c. discourages the use of comparative advantage in the short run, but encourages the development of new technology in the long run.
d. discourages the use of comparative advantage in the short run, and discourages the development of new technology in the long run.
d
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If the demand shifts, then for a profit maximizing monopolist,
A) price will change while quantity will remain constant. B) price will change and quantity will change. C) Both A and B. D) Neither A nor B.
A typical professional National Football League team has three quarterbacks on its roster. What is one reason why they might not have a fourth quarterback?
A) The fourth quarterback's marginal product is approximately zero. B) The fourth quarterback's marginal product is approximately ten. C) The fourth quarterback's marginal product is less than the first quarterback's marginal product. D) There is a law against carrying four quarterbacks on a team.
Louise Bakery sells cupcakes that have an equilibrium price of $5.00 per cupcake and an equilibrium output of 300 cupcakes. Which of the following is likely to be true when the government imposes a tax of $0.75 per cupcake? a. Producer and consumer surplus will increase. b. Producer and consumer surplus will decline. c. Equilibrium price will decrease
d. Equilibrium output will increase.
Purchases by American tourists in other countries increase GDP for both the country in which the purchase was made and for the U.S., since a U.S. citizen carried out the expenditure
a. True b. False Indicate whether the statement is true or false