The Department of Transportation certifies motorcycle helmets, and all helmets certified carry a "DOT" logo. This is an example of
A) government overreach.
B) screening.
C) signalling using established standards.
D) licensing to restrict entry by helmet manufacturers.
C
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If economists are making the assumption that business people try to maximize profits, the best way to determine whether this assumption is useful or not is to
A) see whether it generates accurate predictions about the choices of business people. B) ask business people whether it is true or not. C) find out whether U.S. businesses are more profitable than European businesses. D) take a survey of people and see if they agree with this assumption.
Public goods are usually provided by
a. private industry in private markets b. the government c. producers who produce for consumers, that is, for the public d. internal markets e. the public, such as you and your neighbors
The cost disease of services explains the problems surrounding the health-care crisis.
Answer the following statement true (T) or false (F)
An economy does not move smoothly from recession to growth because of:
a. differing regional labor codes. b. seasonal fluctuations and random disturbances. c. consumers who do not know what to buy. d. policymakers who do not know what to do.