One of the reasons that President Bush advocated for the 2003 tax reform was
a. to create a ‘stimulus package' to counter a deepening of the recessionary phase ofthe business cycle
b. to stem the growing rate of inflation
c. to provide the revenues to fight the war on terrorism
d. to curb the outflow of revenue to foreign countries by reducing trade imbalances
e. to reduce the government deficit
A
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Which of the following refers to the capture hypothesis of regulation?
A) the ability of the government to capture monopoly profits B) the control of regulatory agencies by firms in an industry C) consumer cost savings captured through regulation D) horizontal mergers
Competition as a dynamic process implies that the individual firms in an industry
a. face a perfectly elastic demand curve. b. utilize a variety of techniques, such as product, style, and price, to win the dollar votes of consumers. c. produce a homogeneous product. d. cooperate, attempting to establish a price and output structure so each firm can survive and continue to serve the consumer.