Railroads have received significant attention from regulators because
a. railroads enjoy significant economies of scale.
b. conditions in the railroad industry are conducive to destructive competition.
c. regulators would like to ensure universal service to all potential railroad customers.
d. All of the above are correct.
d
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If food is measured on the horizontal axis of a budget line diagram, and clothing is measured on the vertical axis, an increase in
a. the price of food will decrease the slope (e.g., -9 instead of -6) of the budget line b. the price of food will increase the slope of the budget line c. income will decrease the slope of the budget line d. income will increase the slope of the budget line e. the price of clothing will decrease the slope of the budget line
A labor union anticipates a 7 percent inflation rate in each of the next three years. It wants to obtain a 3 percent increase in real wages in each of those three years. To obtain this goal, the requisite nominal wage hike it should negotiate is
a. 7 percent each year b. 3 percent each year c. 10 percent each year d. 10 percent the first year and 3 percent each year thereafter e. 21 percent the first year and 3 percent each year thereafter