The specific case that led to the partial breakdown of the use of the rule of reason by the Supreme Court was the ________ case.
a. American Tobacco
b. ALCOA
c. U.S. Steel
d. IBM
Answer is a. American Tobacco (The Supreme Court's decision breaking up Standard Oil and the American Tobacco Company was based on what they called its "rule of reason." Bigness itself was not an offense as long as that bigness was not used against rival firms. This was in effect saying that the wolf not only had to be big and bad, but he actually had to blow the house down before he broke the law.)
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All other things constant, when the interest rate increases: a. the demand for investment curve shifts to the right
b. the demand for investment curve shifts to the left. c. there is a movement downward along the demand for investment curve. d. there is a movement upward along the demand for investment curve. e. GDP increases.
When the Fed wants to tighten monetary policy, the staff of the Fed is likely to:
A. purchase U.S. Treasury Securities. B. increase discount loans. C. increases IOER. D. sell U.S. Treasury Securities.
Suppose Qxd = 10,000 ? 2 Px + 3 Py ? 4.5M, where Px = $100, Py = $50, and M = $2,000. What is the own price elasticity of demand?
A. ?1.21 B. ?0.21 C. ?0.78 D. ?2.34
The theory of oligopoly provides a reason why
a. perfect competition is not a useful object of study. b. price is less than marginal cost for many firms. c. all countries can benefit from free trade among nations. d. firms do not want to capture larger shares of their markets.