Which of the following laws was enacted to forbid monopolization and attempts to monopolize?
a. The Anti-Monopoly Act
b. The Sherman Antitrust Act
c. The Trade Act
d. The National Banking Act
e. The Celler-Kefauver Act
b
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An increase in the rate of economic growth curve could be caused by all of the following except
A. a national tax that encourages all employers to provide more training and education for employees which leads to an across-the-board upgrade of the skill level of the nation's workforce. B. a movement along the production possibilities curve so that the society produces more consumer goods and less capital goods. C. an increase in immigration that increases the country's labor force by 20 percent. D. an increase in research and development spending for space technology that improves the quality of the nation's capital stock.
The above figure depicts the Edgeworth box for two individuals, Al and Bruce. If the endowment is at point a, and Bruce has no ability to bargain, the final allocation will be at point
A) a. B) b. C) c. D) d.
Sam needs to have his car serviced. There is an auto repair shop located nearby that does a lot of business and has an online rating of 4 out of 5 stars. Sam takes his car to be serviced and thinks the service person is grumpy and that his car is still not running as well as it could be. Sam then makes a point of telling his friends not to use the repair shop. Sam's actions illustrate which of
the following systematic mistakes that people make when making decisions? a. People are overconfident. b. People give too much weight to a small number of vivid observations. c. People are reluctant to change their minds. d. All of the above are correct.
A binding price ceiling means that:
A. there is currently a surplus of the relevant product. B. government wants to stop a deflationary spiral. C. government is imposing a legal price that is typically below the equilibrium price. D. government is imposing a legal price that is typically above the equilibrium price.