Which of the following is illegal according to the antitrust laws?
A) output restrictions
B) price discrimination based on cost differences
C) vertical mergers
D) price fixing
Answer: D
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Which of the following is not a step involved in cost-benefit analysis?
a. Conversion of the costs and benefits to dollar terms. b. Enumeration of the costs and benefits. c. Enumeration of the special interests. d. Enumeration of the options.
In 2014, what percent of the population lived under the official poverty line in the United States?
A. 11.3 percent, down from a near all-time high of 14.8 percent in 2000. B. 14.8 percent, higher than a near all-time low of 3.11 percent in 2000. C. 14.8 percent, higher than a near all-time low of 11.3 percent in 2000. D. 11.3 percent, down from a near all-time high of 25 percent in 2000.
Which of the following would be most likely to improve the standard of living of a less-developed country?
a. Development of strong labor unions.
b. More foreign investment, attracted by the expectation of economic and political stability.
c. Adoption of trade barriers (higher tariffs and quotas).
d. Widespread use of price controls to allocate goods and resources.
Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, if the market quantity supplied is 50, the price must be:
A. $0. B. $10. C. between $10 and $20. D. $30.