Government certification of the weights and measures used in business can be justified because
A) no business operated for profit would have any interest in weighing and measuring accurately.
B) people cannot be trusted.
C) government officials, unlike private parties selling for profit, have no incentive to cheat.
D) it reduces total transaction costs below what they would be if all individual buyers or sellers had to check for themselves.
D
Economics
You might also like to view...
In terms of economic growth, the key measure of the standard of living is
A) real GDP per capita. B) real GDP. C) nominal GDP. D) nominal GDP per capita.
Economics
If both prices increases by 50%,
A) budget constraint will be unchanged. B) slope of the budget constraint stay the same. C) slope of the budget constraint will decrease. D) budget constraint will shift outward in a parallel fashion.
Economics