Natural monopolies in the United States are generally regulated by
A) the Department of Commerce. B) the Federal Trade Commission.
C) local or state regulatory commissions. D) the Department of Justice.
C
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In the Solow growth model, an increase in the savings rate
A) raises steady state per capita output. B) raises the growth rate in aggregate output. C) must reduce per capita consumption. D) must reduce the standard of living.
What is meant by saying that economics is an empirical science?
A) Economic theories will be tested by seeing how well they correspond to people's declared preferences. B) Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision. C) Economic theories cannot be tested because economic variables change too quickly. D) Economic theories will be tested by seeing how well they correspond to real-world phenomena.
Inflation refers to:
What will be an ideal response?
The linear equation for line (1) on the graph below is:
A. y = 8 + 2x
B. y = 8 + .5x
C. x = 8 + .5y
D. y = 8 - 2x