A section of Chapter 13 is called "Who Regulates the Regulators?" This section describes how some
a. pricing rules are chosen
b. industries are protected by their regulators
c. people are regulators and board members simultaneously
d. ICC employees work for the FCC
e. railroads captured the CAB
B
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An economic model is a
A) realistic version of an economic environment. B) fictional representation of an entire economy. C) detailed version of an economic issue. D) simplified representation of an economic environment.
Why is a production possibilities frontier bowed out (concave)?
A) The bowed shape reflects constant opportunity cost. B) The bowed shape reflects decreasing opportunity cost. C) The bowed shape indicates that opportunity cost at first decreases at a decreasing rate, and then begins to decrease at an increasing rate. D) The bowed shape indicates that opportunity cost at first increases at a decreasing rate, and then begins to increase at an increasing rate. E) The bowed shape reflects increasing opportunity cost.