The Federal Trade Commission Act:
A. prohibited selling products at "unreasonably low prices" with the intent of reducing competition.
B. was passed to establish a body to enforce antitrust laws.
C. outlawed stock purchases that would substantially reduce competition.
D. made it illegal to monopolize a market.
Answer: B
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"The U.S. government should not use my tax dollars to subsidize people on welfare"
A) is a positive economic statement because it simply describes one person's opinion. B) is a normative economic statement because it involves a value judgment about an economic policy. C) is a positive economic statement because it predicts that my tax dollars will go to welfare. D) is a normative economic statement because it is a scientific fact.
The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a price floor to achieve their goal. What is the size of the producer surplus?
A. $4 billion B. $6 billion C. $10.5 billion D. $8 billion
The production possibility curve:
A. is based on the law of diminishing returns. B. is convex to the origin. C. is the boundary between attainable and unattainable outputs. D. reflects the mixed economy found with most economic systems.
Dumping refers to a country selling its exports at a price lower than its selling price at home.
Answer the following statement true (T) or false (F)