Which antitrust act was passed to protect independent retailers from "unfair discrimination" by chain stores?
A) Federal Trade Commission Act
B) Robinson-Patman Act
C) Sherman Act
D) Wheeler-Lea Act
B
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Which of the following means that the CPI overstates the actual inflation rate?
A) new goods bias B) quality change bias C) outlet substitution bias D) All of the above cause the CPI to overstate inflation.
If the entrepreneur is also the manager of the firm, we would expect
A) the manager to work hard because he or she is also the residual claimant. B) the manager to not work hard since there is no possibility of further advancement. C) the firm to operate poorly because the specialization of labor is not adequate. D) the firm to operate poorly because the entrepreneur is not as good at managing workers as a professional manager would be.
Banks are considered a safer place to deposit money now than they were prior to 1933 because: a. gold reserves have increased
b. reserve requirements are higher. c. they are more closely regulated. d. the FDIC was created.
A good that has external benefits associated with its production will be
A) produced at the optimal level. B) underproduced. C) overproduced. D) not produced.