According to OSHA standards, the air in the building that John works in is unsafe. The type of regulation that OSHA engages in is known as
A) the Federal Register.
B) social regulation.
C) the market share test.
D) economic regulation.
B
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Which of the following represents dead capital?
A) capital that lacks clear title of ownership B) capital that has worn out over time C) capital that has become obsolete D) none of the above
The positive slope of the per-worker production function illustrates the relationship between per-worker output and ________
A) diminishing marginal returns B) the capital-labor ratio C) the rate of inflation D) the rate of unemployment
The business activities of Firm A confer positive externalities on Firm B, and the business activities of Firm B confer positive externalities on Firm A. If the two firms merged, then
a. their respective markets would move closer to the social optimum. b. their respective markets would move further away from the social optimum. c. total surplus in their respective markets would decrease. d. the merger would serve as an example of a misguided public policy toward externalities.
The price elasticity of demand measures:
a. how sensitive quantity demanded is to a change in supply. b. how sensitive quantity demanded is to a change in consumer taste and preference. c. how sensitive quantity demanded is to a change in income. d. how sensitive quantity demanded is to a change in price.