All of the following are forms of social regulation EXCEPT
A. the Occupational Safety and Health Administration regulating workplace safety.
B. the Environmental Protection Association regulating automobile emissions.
C. the Food and Drug Administration regulating the quality of drugs.
D. the Public Utility Commission regulating the price of telephone service.
Answer: D
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Using Scenario 2 suppose Susan has eliminated two of the answers but is unsure of which of the remaining three answers are correct. Determine whether it is rational for Bill to guess
What will be an ideal response?
Which of the following statements concerning bank regulation in the United States is TRUE?
A) The Office of the Comptroller of the Currency has the primary responsibility for state banks that are members of the Federal Reserve System. B) The Federal Reserve and the state banking authorities jointly have responsibility for the state banks that are members of the Federal Reserve System. C) The Office of the Comptroller of the Currency has sole regulatory responsibility over bank holding companies. D) The state banking authorities have sole regulatory responsibility for all state banks.
In long-run equilibrium, a perfectly competitive firms produces at the output level at which: a. total revenue is maximized
b. long-run marginal cost is minimized. c. average total cost is minimized. d. short-run variable cost is minimized.
Changes in the price of a good lead to:
A. no effects in quantity supplied or demanded. B. changes in demand. C. changes in supply. D. changes in the quantity supplied of the good.