Economists played a key role in the development of merger guidelines by the Department of Justice and the Federal Trade Commission in 1982. These guidelines have three main parts. What are these parts?
A) market definition; measure of concentration; merger standards
B) economic analysis; political analysis; dynamic analysis
C) concentration ratios; the Herfindahl-Hirschman Index; market standards
D) concentration standards; concentration ratios; competitive analysis
A
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Movements up along a particular short run Phillips curve are not consistent with: a. Increases in aggregate demand
b. Movements up along the short run aggregate supply curve. c. Movements up along the long run aggregate supply curve. d. Movements up along a particular short run Phillips curve are consistent with all of the above.
Suppose the base year for a Lespeyres index is 2001. The value of the index is 1.3 in 2004 and 1.6 in 2006. By how much did the cost of the bundle increase between 2004 and 2006?
A. 0.3% B. 23% C. 0.23% D. 60%
For wages to be higher without sacrificing jobs, productivity must decrease.
Answer the following statement true (T) or false (F)
Refer to Scenario 1.1 below to answer the question(s) that follow.SCENARIO 1.1: An economist wants to understand the relationship between minimum wages and the level of teenage unemployment. The economist collects data on the values of the minimum wage and the levels of teenage unemployment over time. The economist concludes that a 1% increase in minimum wage causes a 0.2% increase in teenage unemployment. From this information he concludes that the minimum wage is harmful to teenagers and should be reduced or eliminated to increase employment among teenagers.Refer to Scenario 1.1. The collection and use of the data on minimum wage and teenage unemployment over time is an example of
A. law and economics. B. econometrics. C. empirical economics. D. economic history.