Conspiracies to fix prices are:
A. illegal under the Clayton Act.
B. illegal under the Celler-Kefauver Act.
C. per se violations of the antitrust laws.
D. more tolerated by government today than two or three decades ago.
Answer: C
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Refer to Table 10-6. If Jay can eat all the burgers he wants for free, how many burgers will he consume?
A) 7 burgers B) 6 burgers C) 5 burgers D) 3 burgers
In economics, money is defined as
A) any asset people generally accept in exchange for goods and services. B) the total amount of salary, interest, and rental income earned during a year. C) the total value of one's assets minus the total value of one's debts, in current prices. D) the total value of one's assets in current prices.
In order for Say's law to hold in a money economy,
A) there must be more than four goods. B) funds saved must give rise to an equal amount of funds earned. C) funds saved must give rise to an equal amount of funds invested. D) none of the above
High and unexpected inflation has a greater cost
a. for those who borrow than for those who save. b. for those who hold a little money than for those who hold a lot of money. c. for those whose wages increase by as much as inflation than for those who are paid a fixed nominal wage. d. for savers in high income tax brackets than for savers in low income tax brackets.