Which of the following statements best describes the difference between economic regulation and social regulation?
a. Economic regulation has little to do with price and output while social regulation explicitly deals with price and output.
b. Social regulation is concerned with direct redistribution of wealth while economic regulation is concerned with accumulation of wealth.
c. Economic regulation is concerned with direct redistribution of wealth while social regulation is concerned with accumulation of wealth.
d. Social regulation has historically targeted industries such as railroads and airlines while economic regulation has all the industries under its purview.
e. Economic regulation deals with price and output , while social regulation deals with health and safety matters that apply across several industries.
e
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As people have more time to adjust to changes in a good's price,
A) the demand curve will become less elastic. B) the supply curve will become less elastic. C) both the demand and supply curves will become less elastic. D) both the demand and supply curves will become more elastic.
If potential GDP for the first quarter of 2013 = $75.8 billion, and real GDP for the first quarter of 2013 = $80.3 billion, then the output gap was
A) -5.9%. B) -5.6%. C) 5.6%. D) 5.9%.
If a competitive firm cannot earn a profit at any level of output during a given short-run period, then which of the following is FALSE?
A) It will shut down in the short run and wait until the price increases sufficiently. B) It will exit the industry in the long run. C) It will operate at a loss in the short run. D) It will minimize its loss by decreasing output so that price exceeds marginal cost.
In a sequential game:
A. neither player ever has any advantage. B. the first player always has the advantage. C. either player could have the advantage depending on the game. D. the second player always has the advantage.