1. T/F - Economic regulation involves government intervention in certain industr
ID: 1217863 • Letter: 1
Question
1. T/F - Economic regulation involves government intervention in certain industries to make sure that there are fair practices that are being exercised.
2. A _________ is a minimum price guaranteed to producers by the government.
a) price floor
b) price limit
c) cross price
3. T/F - Both quotas and tariffs protect the domestic market and it protects domestic producers.
4. T/F - Air pollution is an example of positive externality
5. The _________ theorum states that externality would voluntarily negotiate and efficient outcome without government involved when property rights are clearly defined.
6. A ________ externality is a value lost to third parties who are not represented by the market supply and demand.
7. T/F - Antitrust policy allows the justice department to intervene when monopolies can potentially take place or is already in place.
Explanation / Answer
answer 1- T
answer 2- a) price floor
answer3- T, by putting a limit on imports
answer4- F
it is an example of negative externality
answer 5- Coase theorem
answer 6-Negative
answer 7-T
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