State legislators who wanted to eliminate state regulation of the trucking industry would be most likely to find support among
A) business owners who must pay higher prices for deliveries as a result of the regulations.
B) owners and managers of large trucking concerns.
C) owners of small trucking concerns.
D) unions that represent truck drivers.
A
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The idea that business fluctuations are primarily caused by factors affecting aggregate supply rather than aggregate demand is a central tenet of
A. efficiency wage theory. B. mainstream economics. C. real business cycle theory. D. monetarism.
Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L=6,Q=147) and (L=7,Q=184). The marginal product of the seventh worker is
a. 25 units of output. b. 27 units of output. c. 37 units of output. d. 184 units of output.
In general, the lower the price elasticity of demand:
a. the smaller the responsiveness of price to changes in quantity. b. the smaller the responsiveness of quantity to changes in price. c. the larger the responsiveness of price to changes in quantity. d. the larger the responsiveness of quantity to changes in price.
You are a top Treasury official for a developing country who has been asked for advice on how to best open the nation's stock market to foreign investment. Previously, the government did not permit foreigners to purchase domestic stock. Now, the government has a plan to create two markets: one for domestic residents and one for foreign investment. What are the potential drawbacks of this system, compared to allowing both domestic and foreign investors to trade in the same market? What are the larger implications for economic efficiency? How might the government be able to address these issues?
What will be an ideal response?