Adam Smith was the author of the 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations
a. True
b. False
Indicate whether the statement is true or false
True
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When considering the price lags of the West behind the East, by the eve of the Civil War the lag was
a. roughly one year. b. six months. c. three months. d. virtually eliminated.
If the courts apply the rule of reason criterion to a firm that dominates a market but does not engage in anticompetitive behavior, it would not find the firm to be in violation of the antitrust laws
Indicate whether the statement is true or false
The time inconsistency of policy implies that
a. what policymakers say they will do is generally what they will do, but people don't believe them because of current policy. b. when people expect that inflation will be low, it is easier for the Fed to increase output by increasing the money supply. c. people will believe Fed policy will be less inflationary than the Fed claims. d. what policymakers say they will do is usually not what they do, but people believe them anyway.
The Celler-Kefauver Act of 1950:
A. extended antitrust legislation to proprietorships and partnerships. B. made it illegal to monopolize a market. C. outlawed asset-purchase mergers that would substantially reduce competition. D. outlawed price discrimination for the purpose of reducing competition.