The Sherman Antitrust Act was passed in:
a. 1890.
b. 1914.
c. 1929.
d. 1933.
a
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Any target value of the nominal interest rate chosen by the Federal Reserve implies a specific value for ________.
A. potential output B. the budget deficit C. government purchases D. the money supply
Cost-of-living adjustments are
A) changes in the basket of goods used in calculating the CPI. B) automatic wage changes based on the CPI which are included in some union contracts. C) quality measurements included in the calculation of the CPI. D) averages of neighboring years' base prices used in constructing the CPI.
Refer to Figure 4-1. If the market price is $1.50, what is Arnold's consumer surplus?
A) $1.50 B) $2.25 C) $3.00 D) $4.75
The winner of a sealed-bid first-price auction is the participant who bid the ________ and pays the amount of the ________.
A) highest; second-highest bid B) highest; bid C) second-highest; bid D) second-highest; second-highest bid