The legislation which outlawed stock-purchase mergers that would substantially reduce competition was the:
A. Sherman Act.
B. Clayton Act.
C. Robinson-Patman Act.
D. Celler-Kefauver Act.
Answer: B
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If demand rises and supply falls, which of the following must be true?
a. The equilibrium quantity will rise. b. The equilibrium quantity will fall. c. The equilibrium quantity will not change. d. The change in the equilibrium quantity is indeterminate.
How can a domestic producer determine whether or not it has a comparative advantage in the production of a good or service?
A) It cannot. B) by comparing the price it receives to the prices of other domestic producers C) by comparing the price it receives to the world price D) by comparing the quantity it produces to the quantity produced in the world E) by comparing the total domestic quantity to the total world quantity
Is a typical person likely to gather more information when buying a new computer or when voting for a member of the U.S. Senate? Why?
What will be an ideal response?
If production is subject to economies of scale,
a. countries can gain from trade if each nation specializes b. one country will develop an absolute advantage in the production of all goods c. higher output levels result in higher average production costs d. one country will develop a comparative advantage in the production of all goods e. countries cannot gain from trade