In 1911, the U.S. Supreme Court made clear that the Sherman Act did not outlaw every action that seemed to restrain trade.
Answer the following statement true (T) or false (F)
True
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The fact that the CPI is a biased measure of the inflation rate means government outlays will
A) increase at a slower rate than the actual inflation rate. B) increase at the same rate as the actual inflation rate. C) increase at a faster rate than the actual inflation rate. D) sometimes increase faster and sometimes increase slower than the actual inflation rate depending on whether the actual inflation rate exceeds 1.1 percent per year or is less than 1.1 percent per year. E) None of the above because the bias in inflation measured using the CPI has nothing to do with government outlays.
If the nominal interest rate is less than the equilibrium nominal interest rate determined in the money market, then in the short run households and firms
A) buy financial assets. B) sell financial assets. C) increase real GDP. D) lower the price level. E) raise the price level.
Your textbook argues that the phrase "the distribution of income" is misleading because
A) income is not created in a market economy, only wealth is. B) it suggests that income is not earned in process of its creation and can simply be parceled out any which way policymakers wish. C) income in the form of wages and salaries can be negative, and therefore cannot be distributed. D) it is only related to ethical rather than economic considerations.
Sports announcers often refer to a batter in a hitting slump as "being due." If they are correct, then it must be the case that
A) a batter's hits are randomly distributed. B) a batter's at-bats are related to each other. C) a batter's at-bats are independent of each other. D) baseball players are acting irrationally.