Two government organizations that are responsible for initiating actions against possible antitrust cases are:
A. the Department of Justice and the Department of Commerce.
B. the Department of Commerce and the Federal Reserve.
C. the Department of Justice and the Federal Trade Commission.
D. the Department of Labor and the Department of Commerce.
Answer: C
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A market structure in which only one firm has survived because of its economies of scale is called a
A. natural monopoly. B. planned monopoly. C. structural monopoly. D. free monopoly.
Which of the following is least likely to be a reason for the difficulty in measuring poverty across countries?
a. Different currencies b. Different customs c. Different living arrangements d. Different trade balances e. Limited data
What does the M stand for in the equation E(MB) > E(MC)?
a. market b. marginal c. methodical d. management
Why do negative externalities like pollution result in inefficiency?
A. Because producers artificially restrict their supply. B. Because producers ignore the external costs they impose on third-parties. C. Because producers manufacture more goods than people can afford to buy. D. Because producers will receive an unequal distribution of profits.