Of the following, which is not an economic rationale for public utility regulation?
a. production process exhibiting increasing returns to scale
b. constant cost industry
c. avoidance of duplication of facilities
d. protection of consumers from price discrimination
e. none of the above
b
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Which of the following is NOT part of GDP calculated using the expenditure approach?
A) General Motors' purchases of new capital equipment B) expenditures by the federal government for national defense C) Social Security payments made to the elderly D) the purchase of new homes by consumers
Which of the following statements is true?
a. The Phillips curve has always been stable. b. If the Phillips curve shifts outward to the right this illustrates a greater tradeoff between unemployment and inflation. c. Keynesian economics assumes a vertical Phillips curve. d. According to the natural rate hypothesis the Phillips curve is downward sloping. e. All of these.