Individuals economize and respond predictably to Select one:
a. positive incentives but not negative incentives
b. negative incentives but not positive incentives
c. both positive and negative incentives
d. neither positive or negative incentives
c. both positive and negative incentives
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If one software company conspired with another software company to raise prices, this would be in violation of the:
a. Federal Trade Commission Act. b. Clayton Act. c. Sherman Antitrust Act. d. Robinson-Patman Act.
The infant industry argument for protectionism is to block imports ______________ to give the infant industry time to mature before it starts competing on equal terms in the global economy.
a. for a limited time b. for a long time c. permanently d. never
In a competitive market free of government regulation,
a. price adjusts until quantity demanded is greater than quantity supplied. b. price adjusts until quantity demanded is less than quantity supplied. c. price adjusts until quantity demanded equals quantity supplied. d. supply adjusts to meet demand at every price.
Which of the following would be expected if the tariff on foreign-produced automobiles were increased?
A. The domestic price of automobiles would fall. B. The supply of foreign automobiles to the domestic market would decline, causing auto prices to rise. C. The number of unemployed workers in the domestic automobile industry would rise. D. The demand for foreign-produced automobiles would increase, causing the price of automobiles to increase in other nations.