The antitrust laws aim to
a. discourage firms from moving production facilities overseas.
b. encourage mergers to take advantage of economies of scale.
c. facilitate cooperation among firms in oligopolistic industries.
d. prevent firms from acting in ways that reduce competition.
Answer: d. prevent firms from acting in ways that reduce competition.
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The benefits principle is often used to justify
a. the progressive income tax. b. a flat income tax. c. a regressive excise tax. d. earmarking the proceeds from taxes for specific public services.
The basic money supply:
A. Is controlled by Congress and the U.S. Treasury. B. Includes savings accounts. C. Includes currency and transactions accounts. D. Includes money market mutual funds.
Which of the following is equivalent to total cost?
a) Fixed costs plus variable costs. b) Marginal costs plus implicit costs. c) Economic costs plus accounting costs. d) Variable costs plus marginal costs.
Using the above table, we see that when output is 4 units, average total cost equals
A. $6.00. B. $3.50. C. $24.00. D. $14.00.