Essay About Much Additional Benefit And Following Episodes

Regulation Multiple Choice Question Answers
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CIRCLE THE CORRECT ANSWER An advantage of using the market rather than a regulatory institution to regulate activity isknowledge is dispersed throughout the economy and cannot be available all at once to regulatorsit achieves a productive division of labor that could not be achieve without itthe market always results in cheaper productsall of the abovea and b of the above Given the existence of scarcity, we must make choices; we cannot have more of everything.  Economists express this idea by saying that there are __________challengegifttrade offsfree luncha brick wall The opportunity cost of any action isthe expense incurred in doing itthe value of the best alternative sacrificedthe benefit ratiothe time and effort it requiresnone of the above In the cases we have discussed we have learned that policies have _______________, and that their net benefits are almost always _______.intended consequences, more than anticipatedunintended consequences, less than anticipatedunintended consequences , average out about equal to what was anticipatedall of the above are true. The problem associated with airbags in cars can best be described as on ofExcessive costsInsufficient benefitsUnintended consequencesInefficient implementation.  Cars that are equipped with airbags tend to be drivenby more responsible peoplemore aggressivelyless aggressivelyby teenagers  A Type II error occurswhen the FDA approves an unsafe or ineffective drugwhen the FDA delays the introduction of a safe drugwhen the FDA approves a drug that is too expensivewhen people make bad choices Which of the following episodes is associated with Type II errors by the FDA?the AIDS epidemicbenzene consumptionthe thalidomide scarecocaine useb and c of the above The problem involved in implementing any kind of regulation isthe difficulty of knowing how much additional benefit is achieved from the regulationthe difficulty of knowing how much additional regulation coststhe difficulty of knowing how much consumers value each additional increment of regulationall of the above According to our text the criminalizing of the use of certain substances has resulted in the use of ________ formsmore potentless potentless attractivenone of the above Decriminalizing prostitution would most likely result in  __________ in the spread of sexually transmitted diseasesan increasea decreaseno changefirst a decrease then an increase. Victimless crimes are distinguished by the fact thatthe victims all diethe victims don’t know they are victimsthe victims have no incentive to reveal the crimethey cost more Increasing the minimum wage would most likelya.        decrease unemploymentb.       increase unemploymentc.        increase everyone’s living standardsd.       b and c of the abovee.        a and c of the above Decriminalizing prostitution would most likely result in ________ in the price of the servicean increasea decreaseno effecta then bit is impossible to tell   15.     Imposing a rent ceiling above the market rate woulda.        decrease housingb.       increase housingc.        cause housing to become run downd.       have no effecte.        a and c of the above Which of the following is most likely to support the raising of minimum wages?a.        organized laborb.       teenagersc.        generous employersd.       all of the abovee.        a and c of the above Successive decreases in expenditure on airline safety would decrease the degree of safety ata.        an increasing rateb.       a decreasing ratec.        a constant rated.       a variable rate A per unit excise tax will always be shared by the buyer and the seller as long asa.        the demand curve is not verticalb.       the supply curve is not verticalc.        both of the aboved.       none of the above The elasticity of demand for water in the U. S. isa.        zerob.       infinitec.        quite highd.       non-existent To maximize the benefits of law enforcement expenditure one should try and ensure a balance betweena.        the probability of being apprehended and the probability of being chargedb.       the probability of being charged and the probability of being convicted