The biggest problem with the Sherman Antitrust Act of 1890 was that it was unclear what
A. "substantially lessen competition" meant.
B. specific acts were to be considered "restraints of trade."
C. "price discrimination" was.
D. "tying contracts" were.
Answer: B
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Market clearing prices in a market system act as
A) a signaling device. B) a direct measure of resource costs. C) a way for producers to advertise. D) a legally determined rationing device.
Refer to the information provided in Table 6.2 below to answer the question(s) that follow. Table 6.2Number ofCandy Bars per DayTotal UtilityMarginal Utility140?275?3100?4115?5?5Number ofHot Dogs per DayTotal UtilityMarginal Utility130?254?372?484?5?6Refer to Table 6.2. The total utility of five candy bars per day is
A. 115. B. 120. C. 130. D. indeterminate from this information.
Which of the following statements is true?
A) Labor markets in the United States are frictionless. B) The market wage rate is always below the equilibrium wage rate in a frictionless labor market. C) There is always some unemployment in a frictionless labor market. D) Both employees and employers have complete information about each other in a frictionless labor market.
In the balance of payments, the buying and selling of real and financial assets is represented in
A) current account. B) capital account. C) labor account. D) official reserve transactions account.