Which antitrust law is sometimes called the "Chain Store Act"?
A) Sherman Act
B) Clayton Act
C) Robinson-Patman Act
D) Federal Trade Act
C
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In the 1990s, Congress considered an agriculture bill that would gradually reduce price supports for many agricultural products. If the bill were to be approved, what would most likely happen to the number of families employed in agriculture?
A. It would decrease, because agricultural prices would fall. B. It would decrease, because agricultural prices would rise. C. It would increase, because agricultural prices would fall. D. It would increase, because agricultural prices would rise.
A minimum wage policy induces an:
A) excess demand for labor. B) excess supply of labor. C) efficient market outcome. D) elastic labor supply response.
As a share of total national income, government spending generally has
A) been constant over the last fifty years. B) increased over the last fifty years. C) decreased over the last fifty years. D) increased until ten years ago, and then decreased steadily.
The effect of legislation establishing a minimum wage above the market clearing wage is
A) unemployment. B) a shortage of labor. C) higher wages for all workers. D) a shift of the demand for labor curve.