Differences in the interpretation and the enforcement of antitrust laws are in part rooted on the issue of focus. One such issue pertains to question of whether the policy focus should be on:
A. Domestic firms versus multinationals
B. Intra-state trade versus inter-state trade
C. Monopoly output versus monopoly pricing
D. Monopoly behavior versus monopoly structure
D. Monopoly behavior versus monopoly structure
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Which of the following statements is TRUE?
A) As more of a good is consumed, its total utility increases, unless the good is subject to diminishing marginal utility. B) As more of a good is consumed, its total utility increases, even if the good is subject to diminishing marginal utility. C) No two people have identical utility functions, just as no two people have identical fingerprints. D) Both A and C above.
The effect of the September 11 attacks on the World Trade Center on the market for office space in downtown Manhattan was that both the equilibrium price and the equilibrium quantity fell. What is the most likely explanation for this?
A) Supply and demand both shifted left, and the magnitude of the demand shift was greater. B) Supply and demand both shifted left, and the magnitude of the supply shift was greater. C) Supply shifted left, demand shifted right, and the magnitude of the demand shift was greater. D) Supply shifted left, demand shifted right, and the magnitude of the supply shift was greater.
If the percentage change in price is 5%, and the percentage change in quantity supplied is 10%, then the supply for the good is
A. inelastic. B. unit elastic. C. perfectly inelastic. D. elastic.
Which of the following is NOT a macroeconomic question?
A) How does a fiscal stimulus package affect gross domestic product? B) Should Congress enact tougher immigration laws to reduce unemployment? C) Should we have a constitutional amendment requiring the federal government to balance the budget each year? D) Should restaurants be required to list the number of calories for each product on their menus?