The capture theory of regulation, espoused by George Stigler, asserts that
a. consumers "capture" regulatory agencies so that regulation favors consumers
b. producers "capture" regulatory agencies so that regulation favors producers
c. regulators "capture" producers and limit their market power
d. consumers "capture" some consumer surplus lost to monopoly
e. consumers and producers work together to "capture" regulatory agencies in order to achieve more desirable regulation
B
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In the figure above, the lowest 20 percent of all households receive ________ percent of all income, the next lowest 20 percent receive ________ percent of all income and the richest 20 percent receive ________ percent of all income
A) 20; 20; 20 B) 20; 40; 100 C) 10; 20; 40 D) 10; 10; 40
If the nominal exchange rate between the American dollar and the New Zealand dollar is 1.36 New Zealand dollars per American dollar, how many American dollars are required to buy a product that costs 3.50 New Zealand dollars?
A) $2.14 B) $2.24 C) $2.57 D) $4.76
Which of the following is a statement of positive economics?
a. Government control of rent is a fair way to help poor people afford housing. b. Government control of rent keeps landlords from charging too much rent. c. Government control of rent decreases the number of new apartments constructed. d. Government control of rent is an injustice.
Which of the following is a term referring to the percentage of adults in an economy who are either employed or who are unemployed and looking for a job?
a. unemployment rate b. labor force participation rate c. labor force d. hidden unemployment