Which of the following federal agencies is engaged in economic regulation?
A) Occupational Safety and Health Administration
B) Federal Motor Carrier Safety Administration
C) Food and Drug Administration
D) Consumer Product Safety Commission
B
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In game theory, behavior that results in cooperation as long as the other players continue to cooperate, is referred to as
A) nice behavior. B) tit-for-tat strategic behavior. C) simple behavior. D) opportunistic behavior.
According to the health care life cycle, in the absence of government or employer-sponsored health coverage, workers in middle age would
A. have fewer out-of-pocket medical expenses than when they were young. B. stop paying for the catastrophic care insurance they purchased when they were young. C. save an enormous amount of money to pay for health expenses in old age. D. use the money that they saved when they were young to pay for routine medical expenses.
What is the best economic explanation for why a person would drop out of college to take a job or start a business?
A. he has a good idea for starting a business B. he has to pay a higher tuition to attend college C. the expected future benefits from starting a business now are greater than the costs D. the opportunity cost of starting a business is high now, but will be low later in life
The demand curve faced by a monopolistically competitive firms is
A. downward sloping. B. horizontal. C. vertical. D. unitary elastic.