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.
Answer: A
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Under Federal Trade Commission merger guidelines, an industry with a Herfindahl-Hirschman index (HHI) of 800 points is considered
A) competitive. B) moderately concentrated. C) concentrated. D) a monopoly.
Evidence from the market for eyeglasses suggests that advertising leads to
a. lower-quality products for consumers. b. lower prices for consumers. c. higher prices for consumers. d. less concern on the part of consumers about price differences among similar goods.
The unemployment rate is the:
A. number of workers in the labor force. B. number of workers unemployed. C. percentage of the labor force that is out of work. D. percentage of the population that is out of work.
Costs exist because ______.
a. the government establishes price controls b. goods and services are taxed and subsidized c. trade is a system of voluntary exchange d. resources are scarce and have competing uses