Policies Such as Rent Control and Trade Barriers Persist in Spite

question 479

Multiple Choice

Policies such as rent control and trade barriers persist in spite of the fact that economists are virtually united in their opposition to such policies, probably because

• A)economists have not yet convinced the general public that the policies are undesirable.
• B)economists engage in positive analysis, not normative analysis.
• C)economists have values that are different from the values of most non-economists.
• D)economists' theories are not easily confirmed or refuted in laboratory analysis.

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Definitions:

Efficiency Standard

A benchmark for measuring the productivity and performance of operations, often aiming to minimize waste and maximize output.

Volume Standard

A benchmark measure of quantity, used to gauge efficiency or capacity in production and operations.

Standard Setting Process

The procedures and guidelines used by regulatory bodies to establish and enforce acceptable levels of performance or quality for products or services.

Cost Behaviors

The analysis of how specific costs change in relation to changes in a company’s level of activity or volume of production.