Discuss the important provisions of the Sherman Antitrust Act of 1890
What will be an ideal response?
Ans:
The Sherman Antitrust Act prohibits contracts and combinations in restraint of trade and prohibits monopolization. Neither restraint of trade nor monopolization are defined in the Act. The Act would appear to prohibit collusion and certain methods of obtaining a monopoly position.
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Refer to Scenario 17.5. If a fixed wage of $3000 is given the individual worker, the result will be
A) low effort 75% of the time. B) low effort 25% of the time. C) low effort. D) high effort. E) high or low effort depending on whether the worker thinks the $3000 is an acceptable wage.
Absolute advantage is determined by comparing the opportunity costs of producing each good in different countries
a. True b. False Indicate whether the statement is true or false
Which of the following is a definition of the aggregate production function?
a. the relationship describing which inputs an economy can use with different quantities of labor b. the relationship describing how much labor an economy can supply with different quantities of capital c. the relationship describing how much output an economy can produce with different quantities of labor d. the relationship describing what services an economy can produce with different quantities of capital e. the relationship describing how much output a firm can produce with different quantities of capital
For any pair of nations and goods, if each country has a comparative advantage in the production of one product, it is reasonable to expect that specialization and trade will benefit both countries.
Answer the following statement true (T) or false (F)