According to the text, in many respects, the single most powerful economic policymaker in the United States is
A) Congress.
B) the Federal Reserve.
C) the President.
D) the Supreme Court.
Ans: B) the Federal Reserve.
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Economic regulation is government policy designed to
a. improve health and safety in products and in working conditions b. prevent firms from monopolizing or developing a cartel in existing competitive markets c. eliminate existing monopolies by breaking them apart into many smaller firms d. create monopolies by forcing competitive firms to merge e. control price and output in industries where monopoly is desirable
Political candidates in a two-person race prefer to be viewed as occupying the center of the political distribution because
A) occupying the center is a sign of being a leader. B) political candidates usually prefer to maintain the status quo and the center is the status quo. C) the electorate is largely in the "wings" (extreme ends) of the political distribution. D) whoever comes closer to the center usually wins the election.
Transaction costs are
A) production costs. B) taxes on production. C) regulations on production. D) costs associated with exchange.
Define a sequential game
What will be an ideal response?