(Last Word) Despite the Fact That Occupational Licensing in Many

question 183

Multiple Choice

(Last Word) Despite the fact that occupational licensing in many industries is unnecessary for the protection of consumers, these licensing requirements are implemented or increased because of

• A) the principal-agent problem.
• B) inclusive unions.
• C) the special-interest effect.
• D) efficiency wages.

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Definitions:

Frequency Distribution

A summary of a set of data that shows the number of occurrences of each unique value or bin of values.

Cumulative Percent

Cumulative percent is a statistical term describing the percentage that a given value, or a value smaller than it, has in the total number of values in a dataset.

Arrests

Arrests refer to the act of detaining or capturing someone by legal authority based on an accusation of committing a crime.

Cumulative Percent

The percentage that represents the sum of a category and all categories that are ranked lower in a frequency distribution.