Federal antitrust laws in the United States are enforced
A. solely by the Federal Trade Commission.
B. by the Department of Commerce.
C. solely by the Department of Justice.
D. by the Department of Justice and by the Federal Trade Commission.
Answer: D
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Market prices generally promote social cooperation because they
a. clarify the options available to people and encourage individuals to help others in exchange for income. b. encourage government officials to levy taxes to provide people with the necessities of life. c. eliminate scarcity by allowing prices to rise. d. reward only altruistic actions, whereby, people seek to help others without the expectation of personal gain.
Matt's real wage in 2014 is $26.80. If the price level is 104, what is Matt's nominal wage?
A) $30.80 B) $27.87 C) $26.80 D) $25.77
The decision by the Municipal Transit Authority to either refurbish existing buses, buy new large buses, or to supplement the existing fleet with mini-buses is an example of:
a. independent projects b. mutually exclusive projects c. contingent projects d. separable projects e. none of the above
The demand curve for the output of a perfectly competitive firm is
a. perfectly inelastic b. perfectly elastic c. unit elastic d. downward sloping e. nonlinear