The justification for occupational licensing laws is that they protect the public from incompetent practitioners (for example, lawyers and medical doctors), but the laws also result in
A) higher prices and restrictions on the number of people who can enter the professions affected by the laws.
B) economies of scale.
C) ownership of a key input.
D) an increase in the amount of output required to achieve minimum efficient scale.
Answer: A
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Ongoing economic growth in real GDP per person requires all of the following EXCEPT ________
A) investment in human capital B) the discovery of new technologies C) saving and investment in new capital D) population growth
Nominal GDP targeting ________
A) is consistent with a dual mandate B) has been adopted in more countries than have adopted inflation targeting C) is, compared to inflation targeting, easier both to implement and to explain D) is preferred strongly by "conservative" central bankers