Why does our government enforce antitrust legislation?
A. because monopolies are known to be unfair to their stockholders
B. because the government wants to create competition in markets in the interests of promoting efficiency
C. because the government wants to create competition in markets in the interests of promoting an equal distribution of income
D. because monopolies are known to be unfair to their employees
Answer: B
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Which of the following would be expected to shift the consumption function up?
A) decreases in wealth B) increases in the nation's population C) expectations of harder times ahead D) changes in real disposable income
The price of peaches goes up and I observe you buying more strawberries. This implies strawberries must be a normal good.
Answer the following statement true (T) or false (F)
Trade creates value by
a. moving goods from people who value the goods less to people who value the goods more. b. permitting trading partners to expand output through specialization in areas where they each have a comparative advantage. c. permitting trading partners to expand output through the adoption of mass production methods. d. all of the above.
A payroll tax is a tax on
a. the wages that a firm pays its workers. b. earned and unearned income. c. specific goods like gasoline and cigarettes. d. corporate profits.