Which of the following is the best example of a government effort to address market failure in relation to the FOR WHOM to produce question?
A. Regulations reducing pollution.
B. Antitrust policy.
C. Transfer payments.
D. The production of goods that allow free riders.
Answer: C
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An example of a short-run fixed factor of production is
A) capital equipment. B) labor. C) electricity. D) postage for mailing.
The value of marginal product (VMP) of labor is the extra revenue generated by
A) selling one additional unit of output. B) raising the price of the good by one dollar. C) hiring one additional unit of labor. D) price discrimination.
The National Labor Relations Act of 1935 and the Fair Labor Standards Act of 1938 forced employers to
(a) negotiate with unionized labor. (b) keep hours at a minimum. (c) pay maximum wages. (d) do all of the above.
A difference between economic regulation and social regulation is that
A) the former tends to affect the prices at which products are sold and the latter does not. B) the former tends to affect the profits of firms and the latter does not. C) the former tends to be specific to an industry and the latter tends to affect firms in all industries. D) the former tends to be done at the state level and the latter at the federal level.