Describe the provisions of the Sherman Act
What will be an ideal response?
The Sherman Act was passed by Congress in 1890 . This act declared every contract or conspiracy to restrain trade among states or nations illegal and declared any attempt at monopoly, successful or not, a misdemeanor. Interpretation of which specific behaviors were illegal fell to the courts.
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Specialization and exchange develop under conditions of
A) massive ignorance. B) a total conflict of interests. C) coercion and exploitation. D) none of the above.
A public recreation area that has become unpleasantly crowded is exhibiting a negative externality that is frequently associated with:
A. bargaining. B. Pigouvian policies. C. public goods. D. common property resources.
For most consumers, the process of learning about the efficiency and durability of various brands of refrigerators can be considered
a. irrational b. unproductive c. a vocation d. nonmarket work e. costless
Before specialization: a. families were largely self-sufficient
b. families produced much more than they could each consume. c. there was a great need for exchange between families. d. families consumed much more than they could each produce. e. families exchanged only goods, not services.