Members of the Food and Drug Administration (FDA) will tend to require more testing of proposed new drugs than is best from the point of view of people who use the drugs, because FDA members
A) identify themselves with the drug industry.
B) have the technical knowledge to decide what is best for the users of drugs.
C) are blamed if new drugs turn out to have damaging side effects but are not blamed for the lives lost or discomfort suffered because new drugs were not available sooner.
D) pay for the testing from their own budget and consequently can do as they please.
C
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Constant returns to scale occur when the firm's long-run
a. total costs are constant as output increases. b. average total costs are constant as output increases. c. average cost curve is falling as output increases. d. average cost curve is rising as output increases.
An increase in demand for a good can be caused by
A) a decrease in the price of a substitute good. B) a reduction in income if the good is a normal good. C) a decrease in the price of a complementary good. D) an increase in price of a complementary good.
From the mainstream perspective, instability in the economy is due to
A. volatility of the labor supply. B. excessive use of government policies and regulation. C. volatility of the money supply. D. volatility of aggregate demand.
Refer to Scenario 14-1. M1 in this simple economy equals
A) $1,000. B) $2,000. C) $3,000. D) $8,000.