Government policy that attempts to prevent collusion among the sellers of a product and attempts to prevent restraint of trade is known as
A. goodwill policy.
B. antitrust policy.
C. social policy.
D. inherent policy.
Answer: B
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In the figure above, the shift in the aggregate demand curve from AD1 to AD3 could be the result of an increase in
A) the price level. B) foreign incomes. C) aggregate supply. D) the foreign exchange rate. E) expected future income.
Suppose a product produces substantial spillover costs. If the government adopts a policy that forces producers to bear those costs: a. the equilibrium quantity of the product exchanged will fall. b. the initial misallocation of resources will be corrected
c. the equilibrium price of the product will rise. d. all of the above will be true.
The official measure of unemployment may underestimate actual unemployment because
a. people may lie when reporting they are looking for jobs b. the treatment of involuntary part-time workers and discouraged workers is misleading c. the population sample employed by the Labor Department is too small to be representative d. some individuals who should be receiving unemployment benefits do not receive them e. individuals who are unable to work are not included
Which of the following statements best describes the parity concept?
A. The prices of farm commodities should vary inversely with changes in the prices-paid index for farmers. B. Because of productivity increases, farmers are entitled to the same real income for a smaller volume of output. C. The money incomes of farmers should always be the same, regardless of increases or decreases in the prices of the products they buy. D. The production of a given real output entitles the producer to the same real income over time.