Which of the following federal agencies is engaged in economic regulation?
A) Occupational Safety and Health Administration
B) Federal Motor Carrier Safety Administration
C) Food and Drug Administration
D) Consumer Product Safety Commission
Ques. 2The demand and supply of a product is given in the above table. A unit tax of 2 is imposed on the product. The equilibrium quantity for this product after the tax is imposed is equal to
A) 30 units.
B) 25 units.
C) 20 units.
D) 15 units.
Ques. 3Which event was most important in promoting the belief that the U.S. government should work to ensure economy-wide stability?
A) World War II
B) the Civil Rights Movement
C) the California Gold Rush
D) the Great Depression
Ques. 4By dividing the value of total domestic output (real Gross Domestic Product (GDP)) by the number of workers, economists derive
A) the net domestic product.
B) labor productivity.
C) the size of the labor force.
D) the rate of capital accumulation.
Ques. 5All other factors held constant, when McDonald's raises the price of its Quarter Pounder by 50 cents,
A) there is likely to be a decrease in the quantity of Taco Bell's Chalupas demanded, assuming the Quarter Pounder and Chalupas are substitutes.
B) there is likely to be an increase in demand for Taco Bell's Chalupas, assuming the Quarter Pounder and Chalupas are substitutes.
C) there is likely to be a decrease in demand for Taco Bell's Chalupas, assuming the Quarter Pounder and Chalupas are substitutes.
D) there is likely to be an increase in demand for McDonald's Quarter Pounder, assuming the Quarter Pounder and Chalupas are substitutes.
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