Refer to the information provided in Figure 4.3 below to answer the question(s) that follow.
Figure 4.3Refer to Figure 4.3. An example of an effective price ceiling would be government setting the price of pencils at
A. $0.40.
B. $0.45.
C. $0.50.
D. $0.55.
Answer: A
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One weakness of the Sherman Act is that
A) it fails to clearly define restraint of trade. B) it applies only to foreign monopolies. C) it applies only to the steel and railroad industries. D) none of the above.
If an economy keeps increasing its capital stock, then over time its production possibilities curve will:
a. not move. b. shift to the left. c. shift to the right. d. disappear because scarcity ceases to exist. e. demonstrate massive job loss for workers.
Getting the work done by some other firm at lower costs, when the firm is situated in some other country, is called outsourcing
a. True b. False Indicate whether the statement is true or false
In competitive markets, the elasticity of labor supply is:
a. unrelated to time. b. inversely proportional to time elapsed since a wage change. c. unity. d. directly proportional to time elapsed since a wage change.