The purpose of antitrust laws is to
a. reduce anticompetitive activities
b. increase anticompetitive activities
c. guarantee worker safety
d. promote quality products
e. prevent large-scale production
A
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The utility of a good is
a. different for different consumers b. the same for all consumers c. constant no matter how much is consumed d. related to the cost of producing it e. positive for all goods and all consumers
When the government imposes safety regulations on a particular job or labor market, what is most likely to happen?
A. Utility will increase if workers are able to correctly evaluate working conditions. B. Wages will increase. C. Wages will fall but utility will increase if workers misperceive on-the-job risk. D. Firms that used to offer bad working conditions will be required to shut down. E. Employment will increase.
Speculators in the financial market are:
A. largely thought to be detrimental to the overall health of the financial system. B. illegal, and often work in the "grey" markets despite this. C. seen by most as necessary for the health of the financial system. D. debated by some as to whether they contribute to the financial system's success.
A situation in which union membership is required before a person can be hired is a
A) closed shop. B) union shop. C) agency shop. D) restricted shop.