The Federal Trade Commission is an agency that would enforce
A) social regulation.
B) economic regulation.
C) antitrust laws.
D) fair pricing for consumers.
Answer: A
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We observe that the equilibrium price of digital cameras has fallen and the equilibrium quantity of digital cameras has increased. Which of the following events could be responsible for this?
A) Technological advances in digital camera production. B) Consumers' preferences changed in favor of digital cameras. C) The price of film cameras rose. D) Workers who make digital cameras received a pay raise.
Refer to the above table. What does the marginal physical product equal when the amount of labor goes from 10 to 11 units?
A) 600 B) 500 C) 100 D) 54.5
Which of the following is an individual mandate in the new the federal government's new national health care program?
A) Under the new program, the federal government will coordinate the establishment of health insurance exchanges. B) Firms with at least 50 employees must either provide health insurance or pay fines when uninsured employees receive tax subsidies to purchase insurance. C) A tax rate of 3.8 percent will be assessed on nearly all earnings above $200,000 per year for individuals and above $250,000 per year for married couples. D) Nearly all U.S. residents must either purchase health insurance coverage or pay a fine of up to $750 per year for an individual (up to $2,250 per year for a family).
The total value added of the economy equals:
(a) Total profits; (b) Total wages; (c) Total value of all final transactions in the economy; (d) None of the above