A "great merger movement," whereby firms combined with former rivals to become large firms, began in the 1890s. Who was the first President to look to bigger government as a way to cope with the economic power of these concentrated industries?
(a) Woodrow Wilson
(b) Herbert Hoover
(c) Theodore Roosevelt
(d) Franklin Roosevelt
(c)
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Purchases of goods and services are included in GDP, but transfer payments are not included
Indicate whether the statement is true or false
The tyranny of collateral ________
A) suggests that government tax rates are too high in the United States B) gives rise to the twin problems of moral hazard and adverse selection C) implies that when a poor person has a good idea they find it difficult to acquire financing D) attributes moral hazard to excessive government regulation
Appendix: An incentive-compatible mechanism for revealing true willingness to pay in a private value auction is
a. impossible b. a Dutch auction c. a second-highest sealed bid auction d. a sequential auction with open bidding e. a discriminatory price all-or-nothing auction.
A dominant strategy:
A. exists in every game. B. is the best one to follow no matter what strategy other players choose. C. is always the same for all players of a game. D. awards the highest achievable payoff in a game.