In ________ two major antitrust cases were brought before the Supreme Court involving Standard Oil and American Tobacco.
A. 1890
B. 1911
C. 1945
D. 2012
Answer: B
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The aggregate supply curve shows the relation between
A) the real interest rate and the aggregate amount of output that firms supply. B) the price level and the aggregate amount of output that firms supply. C) the supply of goods by firms and the price of goods relative to the price of nonmonetary assets. D) the inflation rate and the unemployment rate.
The Social Security retirement program is financed by a 10.6 percent payroll tax that applies to earnings up to an income cutoff that is adjusted upward annually by the growth rate of nominal wages. As of 2013, the income cutoff was
a. $15,000. b. $32,700. c. $113,700. d. $250,000.
To be successful in increasing prices for their product, members of a cartel:
A. limit output. B. do not talk to one another. C. encourage entry. D. engage in predatory pricing.
Graphically, cost-push inflation is shown as a:
A. leftward shift of the AD curve. B. rightward shift of the AS curve. C. leftward shift of the AS curve. D. rightward shift of the AD curve.