In 1911, two major antitrust cases were brought before the Supreme Court involving
A. Standard Oil and American Tobacco.
B. American Tobacco and United States Steel.
C. United Shoe Machinery and United States Steel.
D. Eastman Kodak and Standard Oil.
Answer: A
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The elements of an effective legal system include ________
A) strict limits on the ability of judges to interpret law B) a temperate climate C) a large body of legislators D) an adequate supply of lawyers
Abstraction ignores many details in order to focus on the most important elements of a problem.
Answer the following statement true (T) or false (F)
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
Who said: "Wealth has never been a sufficient source of honor in itself. It must be advertised and the normal medium is obtrusively expensive goods."
A. The theory would predict that people's consumption would be greater than their income until their mid to late 20s. B. A person who won a prize would spend at least 50 percent of their winnings in the first year. C. Consumption is greater than income when people reach old age. D. People gear their consumption to their expected earnings more than to their current income.