The federal law prohibiting mergers when the merger reduces competition substantially is the
A) Clayton Act.
B) Miller-Tydings Act.
C) Robinson-Patman Act.
D) Sherman Act.
E) Taft-Hartley Act.
A
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Along the long-run Phillips curve, the unemployment rate ________, and the inflation rate ________
A) can be any value; is equal to the natural inflation rate B) is equal to the natural unemployment rate; is equal to the natural inflation rate C) is equal to the natural unemployment rate; can be any value D) can be any value; can be any value E) None of the above answers is correct.
Suppose Kate's Great Crete (KGC) has annual variable costs of VC = 30Q + 0.0025Q2 and marginal costs of MC = 30 + 0.005Q, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is Qd = 20,000 - 400P. What is the profit maximizing sales price?
A. $47.70 B. $30.00 C. $45.00 D. $50.00
Suppose that we compare shares of income earned by different U.S. groups by dividing all households into five groups. Which of the following statements about the income distribution in the United States is correct?
A. Shares of income remain roughly constant as we move from the lowest quintile to the highest quintile. B. Shares of income decrease as we move from the lowest quintile to the highest quintile. C. Shares of income increase as we move from the lowest quintile to the highest quintile. D. None of these
Which of the following is NOT related to the government's political function of income redistribution?
A) providing money transfer payments B) excise tax on cigarettes C) Social Security D) in-kind transfers