The Celler-Kefauver Act of 1950:
A. outlawed price-fixing.
B. amended the Sherman Act.
C. amended the Clayton Act.
D. created the Civil Aeronautics Board (CAB).
Answer: C
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During a business cycle recession, total production ________ and total employment ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
If a firm hires labor for $4,000, pays rent of $1,500, buys raw materials for $6,000 from another firm, earns profits of $500, and sells its output for $14,000, the value added by the firm is _____
a. $12,000 b. $8,000 c. $6,000 d. $2,000 e. $500
If average labor productivity decreases while population and the number of employed workers remain constant, then output per person:
A. may increase or decrease. B. increases. C. decreases. D. remains constant.
Which of the following would be considered an implicit cost?
A. Health insurance of employees paid for by the firm B. The water bill of the firm C. The salaries paid to the managers of the firm D. Foregone rent on assets owned by the firm