The FTC is
A) the act that prevents producers from driving out smaller competitors by means of selected discriminatory price cuts.
B) the commission that investigates unfair competitive practices such as misleading advertising.
C) an agency which has been set up to regulate the federal government.
D) the agency set up to regulate hospitals.
Ans: B) the commission that investigates unfair competitive practices such as misleading advertising.
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Do firms in a perfectly contestable market earn positive economic profit in the long run? Explain
What will be an ideal response?
An increase in a country's saving rate will tend to cause which of the following in the long run?
A) a reduction in per capita real GDP B) an increase in economic growth C) an increase in the unemployment rate D) an increase in the rate of inflation
In a command system, the decision about what should be produced is made by
a. a central authority b. the market c. repeating what was done in the past d. business firms e. consumers
Suppose your grandfather put $10,000 in the bank in 1965 at an annual interest rate of 7%. Using the Rule of 70, approximately how large should the bank balance be in 2015?
a. $50,000 b. $60,000 c. $80,000 d. $320,000