The Sherman Act of 1890:
A. prohibited selling products at "unreasonably low prices" with the intent of reducing competition.
B. outlawed tying contracts.
C. outlawed stock-purchase mergers that would substantially reduce competition.
D. made it illegal to monopolize a market.
Answer: D
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Which of the following is associated with a less elastic demand curve?
a. availability of many close substitutes b. a greater amount of time for consumers to respond to a price change c. a smaller percentage of income spent on the good in question d. all of the above
The idea that a large public debt is "mortgaging the future of our children and grandchildren" is misleading because
a. it is the Federal Reserve that will be responsible for making interest payments on the debt. b. future generations will have to bear the opportunity costs of the resources that are used today. c. future generations will not be liable for the interest obligations of the national debt. d. future generations will inherit the interest income as well as the interest obligations.
Required reserves represent
A. Dollars that may be lent. B. A flaw in the banking system. C. A leakage from the flow of money. D. The desire on the part of some banks to hold funds and not lend them out.
Critics of stabilization policy argue that
a. "animal spirits" must be offset by active monetary policy. b. active monetary policy is necessary for steady economic growth. c. the lag problem ends up being a cause of economic fluctuations. d. active fiscal policy is required for steady economic growth.