Regulatory agencies engage in all of the following activities except _______
a. controlling entry into the regulated industries
b. overseeing the quality of service provided by the firms
c. setting federal and state income tax rates on regulated firms
d. setting prices that consumers will pay
e. none of the above
c
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Which of the following statements best summarizes why bureaucrats tend to be budget maximizers?
a. The larger the budget, the more assured bureaucrats can be of having sufficient resources to complete a task. b. The larger the budget, the more power and prestige the bureaucrat wields. c. The larger the budget, the larger the workload of the bureaucrat. d. The larger the budget, the more work in the public interest the bureaucrat can undertake.
Who makes decisions and trade-offs in the face of scarce resources?
A. Governments B. Individuals C. Businesses D. All of these are correct.