This agency is responsible for regulating the quality and safety of foods, health and medical products, pharmaceuticals, cosmetics, and animal feed
A) Environmental Protection Agency
B) Food and Drug Administration
C) Equal Employment Opportunity Commission
D) Federal Trade Commission
B
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Using the figure above, suppose Starbucks charges $4.50 per cup for its latte. Which of the following is true?
i. At this price, the demand for Starbucks latte is elastic. ii. If Starbucks lowers the price of its latte, its revenue will decrease. iii. If Starbucks raises the price of its latte, the demand for it will become less elastic. A) Only iii B) Only i C) Only ii D) i and ii E) i and iii
The figure above shows Mollie's Mugs' costs of producing mugs. The mug market is perfectly competitive
If the market price of a mug falls to $5 and Mollie's shuts down temporarily, its total variable cost is ________ an hour and it incurs an economic loss of ________ an hour. A) $160; $280 B) $8; $14 C) $0; $120 D) $0; $6
If the economy is suffering a recession, inventories are probably falling.
Answer the following statement true (T) or false (F)
Harry spent $39,000 in 2009 and $42,000 in 2014 on goods and services. The consumer price index was 220 for 2009 and 231 for 2014 . Harry's 2014 spending in 2009 dollars is about
a. $40,000. b. $44,100. c. $37,838. d. $40,091.