The major goal of social regulation is
A) a better quality of life through a less polluted environment, better working conditions, and safer and better products.
B) to make sure that firms are not earning monopoly profits.
C) to make sure that prices are kept low enough so that every person can purchase the good.
D) to make sure that the firm produces at the socially optimal point of production.
Answer: A
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Suppose we are working with the simplest possible Keynesian-cross multiplier, but with the permanent-income hypothesis figured in. If k = 0.88,
and j = 0.25, the multiplier of a $1 change in government spending goes from ________ in the short run to ________ in the long run. A) 8.33, 1.28 B) 1.28, 8.33 C) 8.33, 4.00 D) 1.13, 4.00 E) 4.54, 8.33
A trade surplus occurs when
A) the value of imports is greater than the value of exports. B) government spending is less than total tax revenue. C) consumption is greater than disposable income. D) none of the above.