Which of the following is FALSE?
a. The Robinson-Patman act is a part of the antitrust laws
b. Under the Robinson-Patman act it is illegal to give a price discount on goods sold to another business
c. Under the Robinson-Patman act, it is illegal to give a price discount on goods sold to final customers
d. Under the Robinson-Patman act, the only discount allowed is the one based on difference in servicing costs of different groups
c
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John Maynard Keynes disagreed with the classical economists because he believed that
A) wages and prices adjust slowly. B) international trade plays a major role in the macroeconomy. C) government intervention in the economy cannot reduce business cycles. D) unemployment will be eliminated quickly by the invisible hand of the market.
Cindy's attitudes towards risk are summarized by the utility function U(w) = . Cindy has an initial wealth of $100. There is a 10% chance that her home will sustain flood damage next year costing her $40 in repairs
What is the most she will pay to for a full $40 of flood insurance?
Market demand is the sum of the individual demands of all consumers in a market
Indicate whether the statement is true or false
Soon after he became the chairman of the Federal Reserve System in 1979, Paul Volcker embarked on a course
a. of accommodative monetary policy. b. of disinflation. c. that was designed to reduce the unemployment rate. d. that produced results that were clearly consistent with those predicted by rational-expectations theorists.