Which of the following federal agencies is NOT engaged in economic regulation?
A. Federal Aviation Administration
B. Food and Drug Administration
C. the Federal Reserve
D. Federal Deposit Insurance Corporation
Answer: B
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Hanak Products, a perfectly competitive firm, is experiencing profitability. Given this information, what will Hanak Products do?
a. In the short run, the firm will improve product quality. b. In the long run, the firm will create quality controls. c. In the short run, the firm will reduce its staff size. d. In the long run, the firm will increase production.
In the United States, if the price of imported oil rises so that the prices of gasoline and heating oil rise, then the
a. GDP deflator rises much more than does the consumer price index. b. consumer price index rises much more than does the GDP deflator. c. GDP deflator and the consumer price index rise by about the same amount. d. consumer price index rises slightly more than does the GDP deflator.
Refer to the graph shown. At which point is elasticity zero?
A. A B. B C. C D. D
Which of the following statements is true?
A. Production of low-pollution products like clothing increases in the industrialized countries due to free trade. B. Shifts toward freer trade are responsible for the majority of the increase in carbon dioxide emissions. C. Free trade is inherently anti-environment. D. Relocation of firms to take advantage of lax environmental laws is small.