U.S. government regulation of social and economic activity
A) only began after World War II.
B) costs less now than it did in the 1980s.
C) has increased steadily since 1970.
D) is confined to antitrust law.
C
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Other things being equal, if you took money out of your savings deposit account and put it in a demand deposit account:
a. M1 would increase and M2 would increase. b. M1 would increase but M2 would not change. c. M1 would decrease and M2 would decrease. d. M1 would fall but M2 would not change.
Approximately 50,000 luxury boats (priced $100,000 or more) are currently produced each year. Using the economic way of thinking, how much revenue would the government actually generate with a $10,000 excise tax on luxury boats?
a. $500 million b. less than $500 million c. more than $500 million d. approximately $5 billion
Consider the hypothetical supply and demand of Kidneys.
Initially, kidneys are exchanged by donations only (price=0). If the government decides to legalize kidney sales and the market reaches equilibrium, then:
A. consumer surplus remains the same. B. total surplus increases. C. a shortage of kidneys will arise. D. producer surplus remains the same.
Which of the following was not a priority of Soviet planners?
(A) Luxury items for consumers. (B) Space program. (C) Heavy machinery manufacturing. (D) Defense injury.