A market that operates outside the legal system, either by selling illegal goods or by selling goods at illegal prices is referred to in economics as a
a. gray market.
b. resource market.
c. black market.
d. criminal market.
C
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The Sherman Antitrust Act states that if a person can prove that he was damaged by an illegal arrangement to restrain trade, he could sue and recover three times the damages he sustained
a. True b. False Indicate whether the statement is true or false
Exhibit 8-11 A firm's cost and marginal revenue curves
In Exhibit 8-11, when the price rises from $5 to $8, the profit-maximizing (or loss-minimizing) firm goes from making a:
A. loss to making a smaller loss. B. loss to making a larger loss. C. loss to making a profit. D. profit to making a loss.
In his tests, Leontief used an input-output table to
A) calculate the capital and labor required to produce $1 million of U.S. exports and imports. B) calculate the labor productivity of American workers relative to foreign workers. C) calculate the capital productivity of American capital relative to foreign capital. D) All of the above.
Demand-side inflation is usually accompanied by increasing real GDP, while supply-side inflation is usually accompanied by falling real GDP.
Answer the following statement true (T) or false (F)