The most important weakness of the Sherman Antitrust Act was that:
A. the Supreme Court refused to enforce it.
B. it wasn't specific about the types of acts which would violate the law.
C. it didn't outlaw restraints of trade.
D. it was too complicated.
Answer: B
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Under what conditions would an increase in market demand lead to the same long-run equilibrium price?
A. Potential new firms in the market are not attracted by economic profits. B. The firms in the market are part of a constant-cost industry. C. The firms in the market are part of an increasing-cost industry. D. The firms in the market are part of a decreasing-cost industry.
A small open economy increases its desired saving. This causes the world real interest rate to ________ and the country's current account balance to ________
A) fall; fall B) remain unchanged; rise C) fall; rise D) remain unchanged; fall
Suppose Sam's Shoe Co. makes only one kind of shoe, which sells for $50 a pair. If they sold 500,000 pairs of shoes, and had a total cost of $1,000,000, what was the company's profit?
A. $1,500,000 B. $24,000,000 C. $40,000,000 D. Not enough information is given to calculate profit.
When comparing the standard of living in two countries it is important to adjust total output for differences in:
A. political systems. B. geographic area. C. population. D. employment levels.