The charge that Standard Oil engaged in "predatory pricing"
a. was the driving force behind the Supreme Court's decision to break up the company.
b. makes little sense from an economic perspective.
c. is still subject to debate.
d. All of the above are correct.
e. Only b and c are correct.
d. All of the above are correct.
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Which of the following is a limitation of using arithmetic averages to calculate growth rates?
A) Arithmetic averages do not capture the exponential nature of growth and thus are not apt for long-run prediction. B) Arithmetic averages cannot be used in case of negative growth. C) Arithmetic averages are difficult to calculate. D) The calculation of growth using arithmetic averages requires more data than other methods.
Suppose the country of Mooland imposes a tariff on imported beef from the country of Aqualand. As a result of the tariff, the
A) price of beef in Mooland falls. B) quantity of beef exported by Mooland increases. C) quantity of beef imported by Mooland decreases. D) quantity of beef imported by Mooland increases.
The correct measure of the deficit is also called
A) the cyclically-adjusted deficit. B) the structural deficit. C) the full-employment deficit. D) the inflation-adjusted deficit. E) all of the above
Each of the following is an example of the price mechanism at work, except when
A. wage and price controls were used during World War II to control inflation. B. consumers curtailed driving their cars when the price of gasoline increased dramatically in 2005. C. American farmers during World War I expanded production on previously unused land in response to higher crop prices. D. factories of gas-guzzling automobiles shut down when the price of gasoline triples in less than three months.