The rule of reason was an antitrust law guideline that emphasized the importance of ________ over ________
a. price; quantity
b. quantity; price
c. law; the economy
d. size; behavior
e. behavior; size
E
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Suppose milk and cereal are compliments and the demand for milk is Qdm = 40 - 6Pm - 2Pc, where Qdm stands for millions of gallons of milk demanded, Pm stands for the price of milk and Pc stands for the price of cereal. The supply of milk is Qsm = 6Pm - 8, where Qsm stands for millions of gallons of milk supplied. The demand and supply of cereal are Qdc = 90 - 5Pc - Pm and Qsc = 5Pc - 10, respectively, where Qdc stands for millions of boxes of cereal demanded and Qsc stands for millions of boxes of cereal supplied. Which of the following gives the price of milk in terms of the price of cereal?
A. Pm = 4 - (Pc/6) B. Pm = (32/12) - (Pc/6) C. Pm = (32 - 2Pc)/12 D. Pm = (32/12) + (Pc/6)
An example of physical capital is:
A. a construction worker's strength. B. a scientist's knowledge of cellular biology. C. Both of these are examples of physical capital. D. Neither of these is an example of physical capital.
Governments can affect the level of aggregate demand in a direct way by changing
a. government spending. b. exports. c. taxes. d. transfer payments.
In the 1970s, the U.S. inflation rate reached about
a. 7 percent per year. b. 10 percent per year. c. 14 percent per year. d. 20 percent per year.