Laws that make it difficult to start a new business lead to a
A. laissez-faire.
B. more political freedom.
C. high rate of economic growth.
D. low rate of economic growth.
Answer: D
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Suppose that a regulatory agency helps producers maximize economic profit. This type of regulation coincides with
A) a natural monopoly. B) a marginal cost pricing rule. C) an average cost pricing rule. D) the capture theory of regulation. E) the social interest theory of regulation.
Differentiate between a change in quantity demanded and a change in demand
Most economists believe the severity and duration of the Great Depression was primarily the result of
a. the large budget deficits of the federal government. b. the reduction in tariffs and the influx of foreign imports during the early 1930s. c. the excessive use of credit cards. d. a sharp contraction in the money supply.
According to the text, which of the following statements BEST describes U.S. factor abundance in 1947?
a. Taking into account different labor productivities, the U.S. "effective" labor force was much larger than the "effective" labor force in the rest of the world. b. Taking into account different labor productivities, the U.S. '"effective" labor force was much smaller than the "effective" labor force in the rest of the world. c. Taking into account productivities of capital in different industries, the U.S. "effective" capital stock was much smaller than the '"effective" capital stock force in the rest of the world. d. Corrected data indicate that the United States was actually was a laborabundant and capitalpoor country in 1947.