The task of economic regulation is to
a. protect monopoly profits
b. approximate the results of the competitive market
c. replace competition with government ownership
d. ensure laissez-faire
e. increase competition within the market
B
You might also like to view...
Which of the following items is NOT part of government expenditure on goods and services in the GDP accounts?
A) gasoline purchases for government car pools B) Social Security expenditures C) new computer hardware for use by the IRS D) drapes to brighten up the president's office
The most important economic concept to consider when deciding whether to build your own deck or hire it done is
A. law of supply. B. specialization. C. opportunity cost. D. law of increasing cost.
A perfectly competitive industry's market price is found by
A. finding the point on the market demand curve where the largest number of units will be purchased. B. identifying the price at which each firm realizes its largest economic profit. C. the horizontal summation of all the industry firms' individual supply curves. D. locating the intersection of the market demand and market supply curves.
Other things equal, an increase in productivity will:
A. reduce aggregate supply and increase real output. B. reduce both the interest rate and the international value of the dollar. C. increase both aggregate supply and real output. D. increase net exports, increase investment, and reduce aggregate demand.