What was the an effect of the Sherman Antitrust Act?
(A) John D. Rockefeller formed the Standard Oil Trust as a protected natural monopoly.
(B) The federal government won the power to prevent monopolies and mergers that interfered with trade between states.
(C) Microsoft required personal computer manufacturers to include its web browser with the Microsoft Windows operating system.
(D) The federal government repealed regulations that controlled the airline and trucking industries.
Ans: (B) The federal government won the power to prevent monopolies and mergers that interfered with trade between states.
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Even when measured accurately, GDP may be a misleading measure of economic welfare because it cannot account for
A) the value of government spending and how efficiently we produce goods and services. B) how efficiently we produce goods and services and the value of non-market production. C) the value of non-market production and the consequences of an unequal distribution of income. D) the consequences of an unequal distribution of income and the value of government spending.
A production quota program:
A. places limitations on the quantity that individual consumers can purchase. B. is a way to raise prices without causing the overproduction that occurs under a price support program. C. is like a subsidy in that it reduces the price that buyers pay for a good. D. places minimums on the quantity that individual firms must produce.
Rapid population increase in which of the following economies may threaten and deter economic growth the most?
a. highly industrialized countries b. an agriculture based economy c. developed economies d. a technology driven economy
An inflationary gap will exist when
a. aggregate demand grows more slowly than aggregate supply. b. there is downward pressure on prices. c. expenditures are not equal to aggregate demand. d. equilibrium GDP is greater than full employment GDP.