List and describe the two government agencies that enforce antitrust laws in the United States
What will be an ideal response?
The Federal Trade Commission (FTC) was created by Congress in 1914 . It is composed of five members appointed by the president and confirmed by the Senate for terms of seven years. The FTC can issue cease-and-desist orders, but these orders carry no criminal or civil penalties for past damages. In essence, the FTC exists to prevent further illegal action from occurring. The Antitrust Division (of the Department of Justice) initiates actions against those who violate antitrust law. It decides which cases to prosecute and against whom to bring criminal charges.
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Which of the following is a TRUE statement?
A) The most important source of economic growth is the rate of population growth since a growing population stimulates demand for goods and services, and provides the labor to produce the goods and services. B) The most important sources of economic growth are the new ideas generated by entrepreneurs in an economic system that permits them to capture the rewards of their entrepreneurial activities. C) The most important sources of economic growth are the quantity and quality of the land and other natural resources a country controls. D) The most important source of economic growth is the extent to which the government directly enters into decisions where research and development activities should be directed and who should be involved in research and development activity.
During an expansion, the unemployment rate generally
A) rises. B) falls. C) is not affected. D) is, by definition, below 5 percent. E) is higher than during a recession.
Suppose that for a given good, demand decreases and supply decreases at the same time. If demand decreases by a greater amount than supply decreases, then equilibrium price __________ and equilibrium quantity __________ for that good
A) rises; rises B) rises; falls C) falls; rises D) falls; falls
Labor unions ______
a. raise wages in unionized industries.
b. create labor shortages in non-unionized industries.
c. play a larger role in the current U.S. economy than in European countries such as Norway and Sweden.
d. prefer to operate in states with right-to-work laws.