The Sherman Antitrust Act:
A) prohibits conspiracies in restraint of trade.
B) allows the formation of trusts so long as they are public enterprises.
C) allows a group of firms to form a trust only if it is done to take advantage of economies of scale.
D) prevents the military from using armored vehicles on the public streets.
A
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Suppose the economy of Georgia can produce pecans and peanuts. Suppose the economy can either produce 10,000 pecans or 15,000 peanuts if full specialization in one good were to occur
What is the opportunity cost of increasing pecan production from 5,000 to 10,000 pecans? A) 1,000 peanuts B) 5,000 peanuts C) 7,500 peanuts D) 10,000 peanuts
Along a supply curve: a. supply changes as price changes
b. quantity supplied changes as price changes. c. supply changes as technology changes. d. quantity supplied changes as technology changes.
Consider the expressions T - G and Y - T - C. Which of the following statements is correct?
a. Each one of these is equal to national saving. b. Each one of these is equal to public saving. c. The first of these is private saving; the second one is public saving. d. The first of these is public saving; the second one is private saving.
Public choice economists use models that focus on economic incentives as applied to politicians.
Answer the following statement true (T) or false (F)