Every government has its own set of policies to govern the economy such as:
A. labor standards.
B. environmental regulations.
C. safety policies.
D. All of these are true.
Answer: D
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Suppose residents of Toadhop live on the Quabache River, a river prone to flooding. Suppose there are 1000 (type A) people who value flood control more than the 1000 (type B) people. Type A Demand QD = 100 ? P Type B Demand QD = 50 ? P Where Q measures the quality of flood control. If the price of a unit of flood control is $100,000 and the citizens of Toadhop gather for a townhall meeting to
find the socially optimal level of flood control, and they are successful, they will pick Q equal to a. 0 b. 10 c. 25 d. 70
The George Stigler quote, "...the degree of ‘market failure' for the American economy is much smaller than the ‘political failure' arising from the imperfections of economic policies ...". illustrates the advantage of which type of public policy toward monopolies?
a. antitrust laws b. regulation c. public ownership d. "do nothing"
The terrorist attacks in Bali, London, and Madrid since 2001 suggest that U.S. policy has
A. made it significantly costlier to launch another terrorist attack against the U.S. on U.S. soil. B. forced a complete reversal of the overriding objectives of terrorist groups since 2001. C. made it impossible to launch another terrorist attack against the U.S. on U.S. soil. D. depleted the financial resources of foreign terrorist groups.
The opportunity cost of a hot dog in terms of hamburgers is the
A) ratio of the slope of the demand curve for hot dogs to the slope of the demand curve for hamburgers. B) ratio of the slope of the supply curve for hot dogs to the slope of the supply curve for hamburgers. C) money price of a hot dog minus the money price of a hamburger. D) ratio of the money price of a hot dog to the money price of a hamburger.