What arguments are made in support of social regulation?
What will be an ideal response?
Social regulation does address important social and economic issues for society. The process may not be perfect but it is necessary to protect society from unsafe products, poor working conditions, and other similar problems. Although social regulation is expensive, it is the “price” that has to be paid for improving living conditions in the society. There have also been benefits from such regulations. For example, air quality standards have improved. There are fewer deaths of children in car accidents because of child seat belt laws.
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The table above gives the demand schedule for snow peas. The demand curve for snow peas is a straight line and so the elasticity of demand is
A) 1 at all prices. B) the same at all prices but not 1. C) higher at higher prices. D) lower at higher prices.
Which of the following statements about the Depository Institutions Deregulation and Monetary Control Act of 1980 is NOT correct?
A) It required all banks to maintain reserve deposits with the Fed. B) It gave member and nonmember banks equivalent access to discount loans. C) It halted the decline in Fed membership. D) It eliminated restrictions on interstate banking for member banks.
The Tax Reforms of 1981 and 1986
a. caused public debt to increase dramatically b. raised the marginal tax rates c. increased the number of tax brackets d. were made principally on excise taxes e. increased the government's ability to discriminate with respect to who pays what taxes
That part of national income not spent on consumption is defined as
a. transitory income b. permanent income c. disposable income d. autonomous consumption e. saving