Which of the following is concerned with social regulation?
A) Federal Reserve Board
B) Sherman Commission
C) Food and Drug Administration
D) Board of Education
Ques. 2In the above figure, a shortage could be caused by a government price ceiling set at
A) 1.00.
B) 2.00.
C) 2.50.
D) 3.00.
Ques. 3Normative economic analysis tends to
A) generate testable hypotheses.
B) include the way someone thinks things should be or ought to be.
C) involve descriptive statements.
D) lead to empirical testing of data.
Ques. 4The direct relationship between changes in price and changes in quantity supplied is
A) a change in supply.
B) shown by a shift in the supply curve.
C) the law of supply.
D) the law of relative production.
Ques. 5The major similarity between monopolistic competition and perfect competition is
A) the shape of the demand curve.
B) that both assume many buyers and sellers.
C) price equals marginal revenue in each.
D) both assume products are differentiated.
Ques. 6Refer to the above table. The four-firm concentration ratio is
A) 86.5 percent.
B) 33.3 percent.
C) 13.3 percent.
D) 11.6 percent.
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