All of the following statements about the Toxic Substances Control Act (TSCA) are correct EXCEPT
a. TSCA was enacted in the 1970s.
b. One of TSCA’s primary objectives is to control chemicals that pose a risk after they are introduced into commerce.
c. TSCA is the legislation that governs U.S. chemical policy today.
d. TSCA grants EPA the authority to require testing on existing chemicals and to review most newly introduced chemicals before introduced to commerce.
b. One of TSCA’s primary objectives is to control chemicals that pose a risk after they are introduced into commerce.
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Generally, long-run elasticities of supply are
A) greater than short-run elasticities, because existing inventories can be exploited during shortages. B) greater than short-run elasticities, because consumers have time to find substitutes for the good. C) greater than short-run elasticities, because firms can make alterations to plant size and input combinations to be more flexible in production. D) smaller than short-run elasticities, because the firm has made long-term commitments it cannot easily modify. E) the same as short-run elasticities, because technology is not assumed to change in the long-run adjustment process.
Which of the following is FALSE?
a. Maximizing division profits can sometimes lead to reducing company-wide profits b. Managers of profit centers are never given any discretion in their decision making c. Profit centers usually largely run themselves d. A manager being rewarded on division revenues has the most incentive to make good decisions for his division
Sticky wages occur because:
A. employers must wait until the current contract ends to cut someone's pay. B. unions often negotiate wages for several years in advance. C. wages can only be changed at the end of contracts, as opposed to final good prices which can change anytime. D. All of these are true.
Which of the following is a reason why the measurement of GDP is not useful in the measurement of the standard of living of a country?
a. GDP includes what is spent on environmental protection and health care, but it does not include actual levels of environmental cleanliness and health. b. GDP includes the income of the non-residents of a country, and as a result does not reflect the actual income of the residents of the country. c. GDP includes the value of exports of a country, but it does not include the scarcity of goods and services within the country that is created due to exports. d. GDP includes many non-economic activities, but it ignores crucial economic activities like imports.