According to the U.S. Supreme Court's 1920 ruling on U.S. Steel,
a. all monopolies are illegal
b. all oligopolies violate the Sherman Antitrust Act
c. large firms cannot be found to be in violation of the Sherman Antitrust Act
d. "mere size is no offense"
e. possession of market power is sufficient for a firm to be found in violation of the Sherman Antitrust Act
D
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The Keynesian theory is consistent with the business cycle fact that inflation is
A) procyclical and leading. B) procyclical and lagging. C) countercyclical and leading. D) countercyclical and lagging.
The maximum amount of a good that may be imported during a specified period of time is
A) an infant industry agreement. B) an import quota. C) dumping. D) comparative advantage.
An insured person's incentive to behave in ways that raise the probability of a claim is known as:
a. a moral hazard. b. the lemons problem. c. the problem of adverse selection. d. the problem of advantageous selection.
If the federal funds rate were below the level the Federal Reserve had targeted, the Fed could move the rate back towards its target by
a. buying bonds. This buying would reduce reserves. b. buying bonds. This buying would increase reserves. c. selling bonds. This selling would reduce reserves. d. selling bonds. This selling would increase reserves.