Which of the following is generally not considered to be government regulation of the private sector:
a. price controls
b. requiring a permit to do business
c. laws that state the rights of parties to a contract dispute
d. restrictions on how companies hire and fire labor
e. all of the above are considered regulation
C
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Some economists object to having the Fed concentrate solely on price stability because it would
A) make stabilizing the economy more difficult. B) lessen its credibility. C) privatize the Federal Reserve. D) free the Fed from political pressure.
A government-sponsored good is often
A) produced by the government. B) subsidized. C) taxed. D) advertised.
The idea that labor productivity depends on the degree of labor specialization is attributed to
a. Hiro Yakamaya b. Stanley Jevons c. J. S. Mill d. Adam Smith e. Robinson Crusoe
Which of the following is NOT a characteristic of a typical indifference curve?
A. The curve shows all combinations of goods that give the consumer the same level of utility. B. The curve will shift out if income increases. C. As a consumer has less of a good, he is less willing to exchange less of it for one more unit of another good. D. The marginal rate of substitution is measured by the slope of the tangent to the curve.