The first antitrust law passed was the ________
A) Federal Trade Commission Act
B) Sherman Act
C) Clayton Act
D) Robinson-Patman Amendment
B
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Refer to Figure 3-4. If the current market price is $25, the market will achieve equilibrium by
A) a price increase, increasing the quantity supplied and decreasing the quantity demanded. B) a price decrease, decreasing the supply and increasing the demand. C) a price increase, increasing the supply and decreasing the demand. D) a price decrease, decreasing the quantity supplied and increasing the quantity demanded.
The idea behind the traditional industrial policy of import substitution is:
A. to protect infant industries until they can become price competitive in the world market. B. give certain industries a chance to enter a market and gain efficiencies that companies elsewhere in the world have already gained in that industry. C. build up home industries to compete with others in the world. D. All of these statements are true.
The following table provides data for an economy in a certain year. Consumption expenditures1,000Imports600Government purchases of goods and services700Construction of new homes and apartments500Sales of existing homes and apartments600Exports500Government payments to retirees200Household purchases of durable goods300Begining-of-year inventory500End-of-year inventory600Business fixed investment300Given the data in the table, compute the investment component of GDP.
A. 800 B. 900 C. 300 D. 400
The fundamental problem associated with the U.S. health care system is that:
A. the financing of health care through insurance has resulted in the underallocation of resources to the health care industry. B. frivolous malpractice suits have increased malpractice insurance premiums for doctors. C. at the margin, the value of health care services may be less than the value of alternative goods and services. D. there are too many general practitioners and not enough specialists.