What was the first federal government agency established to regulate business?
(a) The Federal Trade Commission
(b) The Securities and Exchange Commission
(c) The Federal Power Commission
(d) The Interstate Commerce Commission
(d)
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The marginal cost of enforcement (MCE)
a. is the additional cost incurred by government to monitor and enforce abatement activity b. is a negatively sloped function c. can be measured as the vertical sum of MACmkt and MSC at any abatement level d. represents the horizontal sum of all polluters’ MAC functions
A tariff will benefit
A) domestic producers by maintaining a higher than free-trade price. B) foreign producers by allowing them to sell at a higher price in markets with tariffs. C) consumers who are able to better afford domestically produced goods. D) All of the above answers are correct.
It is possible for China to have an absolute advantage over Japan in the production of rice, but not a comparative advantage over Japan in its production
Indicate whether the statement is true or false
Which of the following will not cause the aggregate demand curve to shift?
a. an increase in government spending for interstate highways b. an increase in the sales of exports resulting from a change in the exchange rate c. a change in the price level d. an increase in the purchase of capital goods caused by a change in expectations e. a decrease in the construction of new houses caused by an increase in interest rates