If quantity demanded does not change significantly when price changes, how is demand described?
a. elastic
b. inelastic
c. perfectly elastic
d. unit elastic
Answer: b. inelastic
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The gains from trade include: i. lower prices from competition. ii. greater output from specialization. iii. greater variety of goods and services available
A) i and iii only B) ii and iii only C) i and ii only D) i, ii, and iii E) ii only
The Clayton Act of 1914 was passed to prohibit, in part
A) price discrimination if the effect is to substantially lessen competition or create monopoly. B) unfair methods of competition and unfair or deceptive business practices. C) combinations, trusts, or conspiracies that restrict interstate or international trade. D) business practices that allow one firm to profit at the expense of another whenever the first firm is a monopoly.
The decision about whether a firm in each particular industry must operate as a proprietorship, partnership, or corporation is made by the Internal Revenue Service
Indicate whether the statement is true or false
A decrease in government expenditure would shift the:
A) aggregate demand curve rightward. B) aggregate demand curve leftward. C) aggregate supply curve rightward. D) aggregate supply curve leftward.