The Securities and Exchange Commission and the Federal Aviation Administration are examples of agencies engaged in
A) the regulation of natural monopolies.
B) the regulation of nonmonopolistic industries.
C) social regulation.
D) health and safety regulation.
Answer: B
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Which of the following exemplifies the tragedy of the commons?
A) Residents of the southern coast of Alaska receive only one public broadcasting signal which may be eliminated altogether if government funding is cut. B) The Lakeview Estates community is growing so fast that the city's only fire station is not able to keep pace with the population growth in the community. C) British citizens receive free universal health care administered by the government. D) The Tibetan Antelope, distinguished for its fur which is commonly used as a light wool, is a target for poachers.
Refer to Figure 19-7. If the Indian government pegs its currency to the dollar at a value above $.02/rupee, we would say the currency is
A) parity valued. B) undervalued. C) overvalued. D) equilibrium valued.
The hands-off view of the classical school rests on which of the following two simple propositions about markets?
a. Demand creates its own supply and markets are basically competitive. b. Industrial policy is inevitable and all prices are flexible. c. Market failure occurs and prices are rigid. d. Wages are sticky downward and market failure is inevitable. e. Markets are basically competitive and prices are flexible.
Explain how each of the following industries practices price discrimination:
a. movie theaters b. airlines c. auto dealers d. U.S. Postal Service