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The main job of the bureaucracy is to _____, which is seen as an extension of how the president executes laws
a) execute the laws
b) enforce the rules
c) enforce Supreme Court decisions
d) enforce Congressional orders
Do current politicians use to manage and influence to get reelected. Is this a "valid" use of political power.
In the long run with free entry and exit, is the price in a market equal to marginal cost, average total cost, both, or neither?
Describe the roles of the World Bank (WB), International Monetary Fund (IMF), and World Trade Organization (WTO) in the acceleration of globalization
Suppose the nation of Sugarland consists of 50,000 households, 10 of whom are sugar producers. Arguing that the sugar industry is vital to the national economy, sugar producers propose an import tariff. The loss in consumer surplus due to the tariff ..
Name two examples of transfer-oriented industries with firms located in central cities today. Describe what they produce/sell. Use what we have covered in class to explain why their location decisions make economic sense.
Let a monopolist face a demand function given by P(q) = 40-q and let the cost function be given by C(q) = 50 + q2. Calculate marginal revenue. What price will the monopolist charge, call that price P*? What is the average cost at the quantity of outp..
The distinction between safety and health is based on the distinction between _______. Employers can defend themselves from responsibility for a workplace accident by claiming that _______. The requirement of truthful labeling is an instance of the m..
Two students, Ryan Wattenberg and Emma Bennett, are discussing the idea of convergence over coffee. Ryan considers convergence to be true in theory but impractical in the real world. Most developed countries do not have similar resources endowments. ..
Which of the following is true concerning negative externalities?
The price of good 1 is initially at $1, and the price of good 2 is initially at $2, with $24 avaiable to spend. The price of good 2 increases to $4. If Duane’s utility function is U(X1,X2)=min(X1,2X2), then what’s the substitution effect and income e..
Suppose the government issues debt to finance its fiscal deficits. The interest rate in the government debt is r=5% and suppose that output in the US shrinks at rate n = -1%. Then:
If more foreign tourists visited the United States, this would: A. lower our merchandise trade imbalance. B. lower our overall trade imbalance. C. raise our merchandise trade imbalance. D. raise our overall trade imbalance.
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