Which of the following organizations is exempt from prosecution under the Sherman Antitrust Act (1890)?
A) retailers
B) book publishers
C) labor unions
D) television stations
Answer: C
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The long-run aggregate supply curve can be thought of as the
A) level of output that the nation is currently producing. B) full-employment level of real GDP. C) level of real GDP associated with a constant price level. D) level of output for which real GDP equals nominal GDP.
To decrease the money supply, the Fed could
a. sell government bonds. b. increase the discount rate. c. increase the reserve requirement. d. All of the above are correct.
Assume the total product of three workers is 60 and the total product of four workers is 80. The four worker's average product is ________ while the fourth worker's marginal product is ________.
A. 20; 20 B. 80; 20 C. 15; 5 D. 5; 15
________ characterizes the oligopoly market structure.
A. A large number of firms producing a standardized product B. A few firms each large enough to influence market price C. A large number of firms producing differentiated products D. A single firm that controls the industry