A theory of regulatory behavior, which states that regulators must take into account the preferences of legislators, producers, and consumers, is the

Refer to Figure 2-2. What is the opportunity cost of one dozen orchids?

A) 0.4 dozen roses B) 2.5 dozen roses C) 7.25 dozen roses D) 16 dozen roses

Which of the following is a characteristic of pure capitalism?

a. all resources are owned communally b. economic activity is coordinated by government decision makers c. the price system is used to guide resources to their highest-valued uses d. centralized economic planning is used to answer the basic economic questions e. individual choices are reflected only through collective decisions