The so-called "rule of reason" in interpreting antitrust legislation suggests that the application of antitrust laws should be based on industry:
A. Efficiency
B. Concentration ratios
C. Behavior
D. Structure
C. Behavior
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According to the principle of diminishing returns to labor, if the amount of capital and other inputs are held constant, employing additional workers:
A. increases output at an increasing rate. B. increases output at a decreasing rate. C. increases output at a constant rate. D. decreases output at an increasing rate
Economists study perfect competition
A. because many markets are perfectly competitive. B. for its descriptive realism. C. to establish a benchmark by which to measure the performance of the economy. D. All of the responses are correct.
Suppose that a large lake in the middle of Minnesota evaporates, leaving more fertile farm land for growing corn available. Assuming that land and labor are complements in a farming production function, what would happen to the wages earned by workers and rents earned by landowners?
a. Both wages and rents would increase. b. Both wages and rents would decrease. c. Wages would increase, and rents would decrease. d. Wages would decrease, and rents would increase.
The U.N.'s Millennium Aid Goal is for nations to increase their foreign aid levels to 0.7 percent of donor country GDP.
Answer the following statement true (T) or false (F)