A section of Chapter 13 is called "Who Regulates the Regulators?" This section describes how some
a. pricing rules are chosen
b. industries are protected by their regulators
c. people are regulators and board members simultaneously
d. ICC employees work for the FCC
e. railroads captured the CAB
B
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The business cycle is defined as
A) changes in the stock market. B) changes in financial markets. C) persistent growth in potential GDP. D) irregular ups and downs in production and jobs. E) the period of time during which the unemployment rate is rising.
If there are 1,000 rutabaga farms, all perfectly competitive, an increase in the price of fertilizer used for growing rutabagas will
A) have no effect on the total quantity of rutabagas supplied, because no farm has enough market power to raise the price. B) have no effect on the total quantity of rutabagas supplied, because each farm's supply curve is a vertical line. C) decrease the total quantity of rutabagas supplied, because each farm's supply curve shifts leftward. D) reduce the total quantity of rutabagas supplied, because each farm's supply curve is a horizontal line and will shift upward.
Refer to Table 16-2. How many tubes of toothpaste will Neem sell in West Fall and at what price?
A) Q = 2 units; P = $4.50 B) Q = 3 units; P = $4 C) Q = 5 units; P = $3 D) Q = 4 units; P = $3.50
If a country possesses the absolute advantage in the production of one good:
A. then it must also possess the absolute advantage in the production of the other good. B. then it must also possess the comparative advantage in the production of both goods. C. then it must also possess the comparative advantage in the production of the other good. D. it can produce more of that good given the same resources.