Apple and Samsung agree to stop undercutting each other's phone prices. Which of the following antitrust acts are being violated?
A. Clayton Act
B. Sherman Act
C. Federal Trade Commission Act
D. No Antitrust law is being violated
Answer: B
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A market with one or a small number of firms but no barriers to entry is known as
A) a natural monopoly. B) a contestable market. C) a perfectly competitive market. D) monopolistic competition.
The economic policy based on the incorrect theory that a nation's economic objective should be to accumulate precious metals in the public treasury is called _____
a. laissez-faire b. deficit financing c. socialism d. mercantilism e. capitalism
The burning of fossil fuels may cause global warming. Considering both the science and the reactions of crops, human health, and other factors across differing climates, economists generally agree that
a. to protect the interests of future generations, the buildup of carbon dioxide must soon be stopped. b. any climate change, if it actually occurs, will be extremely costly. c. there will be both costs and benefits if the climate warms. d. all people will be worse off if the climate warms.
If the central bank has discretion to make policy, it may create economic fluctuations that reflect the electoral calendar. This is called the political business cycle
a. True b. False Indicate whether the statement is true or false