The main statistical agencies in Washington are
A. the National Labor Relations Board, the Drug Enforcement Agency, and the Internal Revenue Service.
B. the Bureau of Economic Analysis, the Bureau of Labor Statistics, the Census Bureau, and the Federal Reserve Board.
C. the U.S. Department of Agriculture, the Federal Trade Commission, the Food and Drug Administration, and the Census Bureau.
D. the Federal Bureau of Investigation, the Central Intelligence Agency, the Bureau of Economic Analysis, and the National Labor Relations Board.
Answer: B
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When there is a shortage of a product in a market the:
a. price will fall. b. price must be below the equilibrium price. c. price must be above the equilibrium price. d. producers will reduce output and sales will fall.
Which of the following is a characteristic of perfect competition?
a. substantial barriers to entry b. homogeneous products c. few sellers d. each firm has significant control over the market
If a monopolistically competitive firm earns $500,000 by selling 25,000 units of output, the price of its product is $25
a. True b. False Indicate whether the statement is true or false
The primary reason for an aging population is:
a. increased life expectancies and lower fertility rates. b. a decreased need for elders to enter nursing homes. c. advances in pharmaceutical innovation. d. improvements in the treatment of chronic illness. e. the expansion of insurance coverage because of Medicare.