The Sherman Antitrust Act of 1890
(a) did not specify what economic actions are legal.
(b) said that only competitive economic actions were legal.
(c) declared illegal every combination in restraint of trade.
(d) declared none of the above.
(d)
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In the late 1970s, ________ of all firms were less than a year old. In recent years, ________ were
A) about 40 percent; about 20 percent B) almost half; less than one-quarter C) less than 5 percent; more than 40 percent D) more than 15 percent; only about 8 percent
Which of the following holds true, if goods sell for the same price worldwide when converted to a common currency?
a. A high rate of inflation exists b. A fixed exchange-rate system exists c. Purchasing power parity exists d. The foreign exchange market is in equilibrium e. Arbitrage opportunities exist
Consider two goods - one that generates external benefits and another that generates external costs. The actual market outcome would
a. result in a price that is lower than the efficient price for both goods. b. result in a price that is higher than the efficient price for both goods. c. result in a price that is lower than the efficient price for the good with an external benefit and a price that is higher than the efficient price for the good with an external cost. d. result in a price that is higher than the efficient price for the good with an external benefit and a price that is lower than the efficient price for the good with an external cost.
Richard loses his job at the microbrewery due to a downturn in general business conditions. He is experiencing
A. structural unemployment. B. cyclical unemployment. C. seasonal unemployment. D. frictional unemployment.