Choice architecture can:
A. alter actual decisions and thus the ultimate outcomes.
B. make it easier for people to make choices that will make them happier in the long run.
C. help people make better choices without eliminating free choice.
D. All of these statements are true.
D. All of these statements are true.
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If economies of scale are significant, the typical firm will not reach the minimum point on its long-run average cost curve until it has produced a large fraction of industry sales
Indicate whether the statement is true or false
Payments for unemployment benefits sent to unemployed people are considered government purchases.
Answer the following statement true (T) or false (F)
Under a flexible exchange rate system, one factor that does NOT directly affect rates of exchange is
A) changes in the inflation rate in each country.
B) changes in productivity in each country.
C) changes in gold holdings in each country.
D) changes in economic stability in each country.
The Interstate Commerce Commission (ICC) regulates railroads, barges and trucks. Suppose technical change lowers the costs of railroads. As a result, the ICC permits railroads to lower prices some but also alters the rates of barges and trucks so they get additional business. The ICC would be acting consistently with
A. the public interest theory of regulation. B. the share-the-gains, share-the-pains theory of regulation. C. the capture hypothesis of regulation. D. None of the theories presented in the text since economic regulation is specific to a single industry and not to agencies that cover more than one industry. That is the province of social regulation.