All of the following are forms of social regulation EXCEPT
A) the Food and Drug Administration regulating the quality of drugs.
B) the Public Utility Commission regulating the price of telephone service.
C) the Environmental Protection Association regulating automobile emissions.
D) the Occupational Safety and Health Administration regulating workplace safety.
Answer: B
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According to the textbook, for most goods and services-foods, beverages, entertainment, etc.-the income elasticity of demand is:
A. larger in the short run than in the long run. B. larger in the long run than in the short run. C. about the same in the short run and in the long run. D. is difficult to differentiate from the short run to the long run.
What is a labor union?
a. a group of workers that forms a collective to assume ownership of a company b. a governing board that oversees hiring and promotions at large manufacturers c. a partnership between the owners of the means of production and the workers d. a workers’ organization formed to negotiate fair pay and safer working conditions
If the spot exchange rate is undervalued, the foreign rate of return is:
a. equal to the domestic rate of return. b. greater than the domestic rate of return. c. less than the domestic rate of return. d. diverging from the domestic rate of return.
Government decreasing taxes is an example of:
A. contractionary monetary policy. B. contractionary fiscal policy. C. expansionary monetary policy. D. expansionary fiscal policy.