When the regulatory process itself becomes a drag on economic growth, society experiences
A. Compliance costs of regulation.
B. Efficiency costs of regulation.
C. Budgetary costs of regulation.
D. Administrative costs of regulation.
Answer: B
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At a local ice cream parlor, when the price of half-gallons of chocolate ice cream was lowered by fifty cents per half-gallon, total revenue from the sale of chocolate ice cream decreased. This result indicates that
A) there are more people who like vanilla ice cream than there are people who like chocolate ice cream. B) the demand for chocolate ice cream is inelastic. C) the demand for chocolate ice cream is elastic. D) None of the above answers is correct.
According to the misperceptions theory, the amount by which producers increase their output when the general price level rises depends on
A) the slope of the aggregate demand curve. B) the slope of the long-run aggregate supply curve. C) the size of the Solow residual. D) how much they think their relative prices have increased.
The "lemons problem" is overcome in the used car market by
A) strict government regulation of private deals between individual buyers and sellers of used cars. B) most used cars selling for well below their true values. C) "lemon insurance" policies being offered by insurance companies. D) the existence of used car dealers who are concerned about maintaining their reputations.
The Morrill Act of 1862 established
a. local chapters of the organization that later became known as "Future Farm Leaders of America.". b. state-run agricultural experiment stations. c. "land-grant" colleges that provided agricultural education and research. d. funding for high-school vocational training.