Which of the following is an example of a regulatory action?
a. Drivers who exceed the speed limit will pay a fine if caught.
b. Automobile manufacturers are required to include built-in infant seats.
c. Two firms receive $100,000 fines for engaging in a price-fixing agreement.
d. A junk mail solicitor is taken to jail for mail fraud.
e. The tobacco industry is required to pay for the hospital bills of a lifelong smoker who develops cancer.
B
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When the supply of a product increases but the demand for the product remains unchanged, the equilibrium price of the product will
a. fall, and equilibrium quantity will decrease. b. be unaffected. c. first rise and then return to the original price level. d. fall, and equilibrium quantity will increase.
A decrease in the price of oil will cause the:
A. short-run aggregate supply curve to shift to the right. B. aggregate demand curve to shift to the right. C. short-run aggregate supply curve to shift to the left. D. long-run aggregate supply curve to shift to the left.
Suppose a U.S.-made machine costs $500 and the exchange rate is 100 yen = $1. Now the exchange rate changes to 90 yen = $1. Then the machine would now cost
A. more dollars. B. the Japanese citizen less yen. C. fewer dollars. D. the Japanese citizen more yen.
What is the present value of $100 one year from now at an interest rate of 5%?
A) $5 B) $95.24 C) $100 D) $105