An early piece of anti-trust legislation is the
A) Sherman Act.
B) Mann Act.
C) DIDMCA of 1980.
D) Federal Reserve Act of 1913.
A
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Goods that are rival in consumption and excludable are:
A. a common resource. B. a private good. C. a public good. D. an artificially scarce good.
The infant industry argument is that:
a. those industries that produce products for infants should be protected. b. protectionism will provide consumers with lower prices. c. protectionism should be used to create a level playing field for the domestic firms to compete with foreign firms. d. protectionism promotes complete specialization in the country on the basis of comparative advantage. e. new industries should be protected from foreign competition until they have had adequate time to develop.
Why is it necessary to understand fluctuations in investment if we want to understand the fluctuations in the business cycle?
What will be an ideal response?
Which of the following is not correct?
a. Taxes levied on sellers and taxes levied on buyers are not equivalent. b. A tax places a wedge between the price that buyers pay and the price that sellers receive. c. The wedge between the buyers' price and the sellers' price is the same, regardless of whether the tax is levied on buyers or sellers. d. In the new after-tax equilibrium, buyers and sellers share the burden of the tax.