The Consumer Product Safety Commission (CPSC) was established in:
a. 1887.
b. 1931.
c. 1934.
d. 1972.
d
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If beef and pork are substitutes for consumers, the cross elasticity of demand between the two products must be
A) negative. B) positive. C) indeterminate. D) elastic. E) greater than 1.
Which of the following assumptions is found in Friedman's model but not in the new classical model?
A) Supply of labor depends on expected real wage. B) Workers gradually adapt their expectations of the price level to the actual price level. C) imperfect information D) market-clearing labor market
Which statement about a market demand curve is true?
a. A market demand curve fails to reflect positive externalities. b. A market demand curve reflects both positive and negative externalities. c. A market demand curve reflects social benefits but not private benefits. d. A market demand curve fails to reflect private benefits.
Total physical product shows what happens to the quantity of an output when the firm changes the quantity of an input
a. True b. False Indicate whether the statement is true or false