Bureaucratic capture occurs when:
A. lobbyist groups become so powerful that they essentially have a stranglehold on policymakers.
B. professionals from one particular industry hold the majority of positions in one particular government office.
C. industries become halted in their ability to continue operating due to over-regulation of the market.
D. government positions are filled by people with close ties to the group they are supposed to regulate
D. government positions are filled by people with close ties to the group they are supposed to regulate
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If information about the total cost is not given for every possible 1 unit change in quantity, marginal cost can still be computed as
a. the price of labor divided by the quantity of labor. b. the price of labor divided by the marginal product of labor. c. fixed cost divided by the marginal product of labor. d. variable cost divided by the marginal product of labor.
Refer to Figure 2-2. What is the opportunity cost of one pound of vegetables?
A) pound of meat B) 1.2 pounds of meat C) pounds of meat D) 12 pounds of meat
Monopolists are price takers
a. True b. False Indicate whether the statement is true or false
How does monetary policy work in the short run?
A. Fed open market purchases, reserves/money supply increase, interest rates decrease, investment increases, demand increases, price and output increase B. Fed open market purchases, reserves/money supply decrease, disposable income increases, consumption increases, demand increases, price and output increase C. Fed open market sales, reserves/money supply increase, interest rates decrease, investment increases, demand increases, price and output increase D. Fed open market sales, reserves/money supply increase, interest rates decrease, investment increases, demand increases, price and output increases E. Fed open market purchases, government spending increases, demand increases, price and output increase