The Celler-Kefauver Act of 1950 plugged a technical loophole in the Clayton Act which permitted many large horizontal mergers
a. True
b. False
Indicate whether the statement is true or false
True
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If the demand for a good increases when people's incomes increase,
A) the good is an inferior good. B) the law of demand is violated. C) the good's demand curve must be slope upward. D) the good is a normal good. E) the good is a substitute good for an inferior good.
A farmer discovers that the total cost of growing 50 acres of eggplant is $50,000 and that the total cost of growing 51 acres of eggplant is $52,000. The marginal cost of the 51st acre of eggplant is
A) $52,000. B) $50,000. C) $2,000. D) $1,000.
The table below describes the value added in the production of a gallon of gasoline by each stage of production. (The values are hypothetical.)
Table 19-10 Stage of Production Value of Sales Value Added Oil drilling 0.75 Refining 1.25 Shipping 1.85 Retail sales 3.65 a) What is the value added by each stage of production? b) What is the total value added? For simplicity, you can ignore the cost of the inputs for oil drilling.
Suppose real GDP is currently $12.5 trillion and potential real GDP is $13 trillion. If the president and Congress increased government purchases by $500 billion, what would be the result on the economy?
What will be an ideal response?