How does social regulation differ from economic regulation?
What will be an ideal response?
Social regulation focuses on the impact of production on the environment, working conditions, and the safety of goods. Economic regulation is concerned with the prices and outputs of specific goods or services. Social regulation covers firms in all industries while economic regulation usually involves particular industries. Social regulation can have a much broader impact on the economy as a whole than economic regulation.
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Which of the following statements is true?
A) If the price of a good is raised and total revenue does not change, demand is perfectly elastic. B) If the price of a good is lowered and total revenue increases, demand is inelastic. C) If the price of a good is lowered and total revenue decreases, demand is elastic. D) If the price of a good is raised and total revenue increases, demand is inelastic.
Contemporary observers of slavery such as Cassius M. Clay and Frederick Law Olmstead suggested that:
a. slave labor was much less productive than white labor. b. slave labor was much more productive than white labor. c. slave labor and white labor were equally productive. d. slave labor in the agricultural setting was more productive than slave labor in the manufacturing setting.