Regulation of business, according to the legal cartel theory, stems from:
A. The public wanting protection from potentially capricious firms
B. Economists who see greater efficiency in regulated industries
C. Lawyers whose jobs are more secure in cartels
D. Firms wanting to be regulated in order to shut off competition
D. Firms wanting to be regulated in order to shut off competition
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The type of unemployment for which the net economic costs are most likely to be small is
A) cyclical unemployment. B) chronic unemployment. C) frictional unemployment. D) structural unemployment.
What is the Nash equilibrium of this game?
a. Both of them clean the apartment b. John cleans, Joe doesn't c. Joe cleans, John doesn't d. Neither of them clean the apartment
The case for government stabilization policy is made more compelling if the
A. self-correcting mechanism works very slowly. B. self-correcting mechanism works too fast. C. value of the multiplier is very small. D. aggregate supply curve is very flat.
Which of the following is FALSE?
A) Consumer surplus increases after a tariff is placed on imports. B) Producer surplus increases after a tariff is imposed. C) Government revenue increases after a tariff is imposed. D) Deadweight losses result from tariffs.