Prior to the deregulation of the railroad industry, there was little incentive to invest in new technology or equipment. This is an example of
A. Market failure.
B. The failure of laissez faire.
C. The failure of deregulation.
D. The inefficiencies of regulation
Answer: D
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Assume the short-run average total cost for a perfectly competitive industry increases as the output of the industry expands. In the long run, the industry supply curve will:
a. have a positive slope. b. have a negative slope. c. be perfectly horizontal. d. be perfectly vertical.
An indirect effect of an increase in the price level works through
A. changes in trade balances as domestic goods become more expensive, causing interest rates to move in the opposite direction from the change in the exchange rate. B. people substituting out of domestic goods and into foreign goods as exchange rates rise. C. interest rates as people borrow to maintain their money balances, bidding up interest rates and reducing total planned real expenditures. D. interest rates as people save more as the higher prices make their money balances less attractive.
The study of how benefits are determined for city employees would be considered
A. descriptive economics. B. institutional economics. C. macroeconomics. D. microeconomics.
People who are fans of NASCAR tend to eat less organic produce than people who are not NASCAR fans. This is an example of
A. causation. B. correlation. C. statistical significance. D. difference-in-differences.