If occupational safety laws were changed so that firms no longer had to take expensive steps to meet regulatory requirements, we would expect
a. the demand for the products of this industry to increase.
b. the market price of the products of this industry to decrease in the short run but not in the long run.
c. the firms in the industry to make long-run economic profit.
d. competition to force producers to pass the lower production costs on to consumers in the long run.
D
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To determine how much of a good to produce to achieve allocative efficiency, we
A) construct a production possibilities frontier and choose the midpoint. B) construct a production possibilities frontier and choose any point on it. C) must produce on the PPF and at the point where the marginal benefit and marginal cost of the good are equal. D) must produce on the PPF and at the point where the marginal benefit exceeds by any amount the marginal cost of the good. E) must produce on the PPF and at the point where the marginal benefit exceeds by as much as possible the marginal cost of the good.
International influences have become relatively ________ important for the U.S. economy in recent decades, as we become a more ________ economy
A) less, "open" B) less, "closed" C) more, "open" D) more, "closed"
Inequality within countries has been __________, and inequality between countries has been _________ in recent decades.
A. increasing; decreasing B. increasing; increasing C. decreasing; increasing D. decreasing; decreasing
Public choice is concerned with
A) relative prices. B) government decision making. C) marketing techniques. D) consumer surveying.