When U.S. Steel, a steel producer, bought control of iron ore companies at the beginning of the 20th century, the company was initiating
A) a horizontal merger.
B) a vertical merger.
C) a cartel.
D) an expropriation.
Answer: B
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In general, the supply curve for a natural resource
A) slopes upward. B) slopes downward to reflect decreasing available quantities over time. C) is horizontal. D) is vertical.
Demand for science fiction novels is elastic and supply of science fiction novels is inelastic. When the government puts a $2.00 tax on science fiction novels,
a. buyers will pay most of the tax. b. sellers will pay most of the tax. c. buyers and sellers will split the tax evenly. d. elasticity has nothing to do with who pays the tax.
Securities markets perform a valuable economic function because they provide
a. an opportunity for investors to make money in a short time. b. the principal indicator of the performance of the U.S. economy. c. an easy way to transfer corporate securities, thereby reducing risk to investors. d. assurance that stock purchasers can get back the purchase price of their stock.
The run up in gasoline prices between 1999 and 2007
A. still had them much below their long-term inflation-adjusted average. B. put them about the same as their long-term inflation-adjusted average. C. still had them slightly below their long-term inflation-adjusted average. D. put them much above their long-term inflation-adjusted average.