The purpose of antitrust legislation is
A) to reduce unemployment.
B) to reduce the power of monopoly.
C) to increase the power of monopoly.
D) to maximize employment for a given price level.
B
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The above figure illustrates a single-price unregulated monopolist. If the monopolist maximizes its profit, the deadweight loss equals ________
A) $10,000 B) $20,000 C) $45,000 D) $40,000
The North American Free Trade Agreement (NAFTA)
a. involves the United States, Canada, and Mexico b. did not increase the volume of trade among the countries of North America c. was negotiated after President Obama took office d. failed to acknowledge environmental protection in its trade propositions
The greater the area between the Lorenz curve and the diagonal line of absolute equality, the more inequality exists.
Answer the following statement true (T) or false (F)
The income approach to measuring GDP:
A. uses the factors payments made by businesses to households to estimate GDP. B. ignores how income is earned and focuses instead on how it is used. C. adds up all household expenditures to calculate aggregate income and GDP. D. focuses on how income is spent.