Special interest groups, in the theory of regulation, may be defined as:
A. self-interested individuals who benefit from regulation.
B. public-spirited individuals who will benefit from regulation.
C. self-interested individuals who will suffer from regulation.
D. public-spirited individuals who will suffer from regulation.
Answer: A
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The quantity of newspapers sold will decline if
A. newsprint becomes more expensive. B. the printers’ union makes wage concessions. C. prices are reduced. D. magazine prices rise.
An externality can be a
A) cost or a benefit. B) benefit but not a cost. C) cost but not a benefit. D) marginal cost but not a total cost.
If Greece chose to abandon the euro and the Greek government decided to exchange euro bank deposits for drachmas, the affected bank depositors would suffer losses if the
A) euro then appreciated. B) euro then depreciated. C) drachma then appreciated. D) drachma then depreciated.
An economy can produce the following combinations of goods: 50X and 0Y, 40X and 10Y, 30X and 20Y, 20X and 30Y, 10X and 40Y, and 0X and 50Y. The production possibilities frontier (PPF) for the economy is
A) concave downward because the opportunity cost of producing the 10th unit of Y is greater than the opportunity cost of producing the first unit of Y. B) a straight (downward-sloping) line because the opportunity cost of producing the two goods is constant. C) concave downward because the opportunity cost of producing the 40th unit of Y is less than the opportunity cost of producing the 10th unit of Y. D) a straight (downward-sloping) line because the opportunity cost of producing the 10th unit of X is greater than the opportunity cost of producing the 40th unit of X. E) a straight (downward-sloping) line because the opportunity cost of producing the 30th unit of Y is greater than the opportunity cost of producing the 30th unit of X.