Which of the following is FALSE with respect to regulation?
A) Regulated firms commonly try to avoid the effects of regulation whenever they can.
B) Firms engage in creative responses which conform to the letter of the law but undermine its spirit.
C) Regulation has resulted in state laws that have made creative response illegal in many states.
D) Recent regulations have generated feedback effects that undermined the key aim of the rules.
Answer: C
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The curve labeled A in the above figure is a
A) short-run aggregate demand curve. B) short-run aggregate supply curve. C) long-run aggregate demand curve. D) long-run aggregate supply curve.
A country will export wheat if, with no international trade, ______
A. it produces a surplus of wheat B. its opportunity cost of producing wheat is below the world price C. its domestic price of wheat exceeds the world price D. other countries have a shortage of wheat
Refer to Figure 5-3. The efficient output level is
A) Qo. B) Qo - Qm. C) Qm. D) Qn.
Which of the following is not an advantage of fiscal federalism?
a. It allows people to "vote with their feet." b. It facilitates intergovernmental comparisons. c. It increases the ability of government to bargain with bureaucracies. d. It can limit the costs of government programs to those who benefiting from them.