The Sherman Antitrust Act
a. outlawed restraints and monopolies that hindered trade.
b. nationalized the railroads.
c. established the FDA.
d. applied only to banking.
Ans: a. outlawed restraints and monopolies that hindered trade.
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Use the following diagram of the market for money to answer the next question.
The equilibrium interest rate is
A. I1. B. I2. C. I3. D. not determinable without additional information.
Refer to the table above. If the price of a chair decreases to $5 and the rental price of machines is $50 per day, up to how many machines should the firm rent?
A) 2 B) 3 C) 5 D) 7
If a firm raised its price and discovered that its total revenue fell, then the demand for its product is
A) relatively elastic. B) perfectly inelastic. C) perfectly elastic. D) relatively inelastic.
Jason receives $20,000 per year from the federal government because he is disabled. This is a
A. free rider problem. B. demerit good. C. transfer payment. D. non-rival good.