Who appoints the Federal Reserve System's Board of Governors?
A) the Secretary of the Treasury
B) the President of the United States
C) the Speaker of the House of Representatives
D) the American Banking Association
Answer: B) the President of the United States
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Government antitrust activity led to the breakup of AT&T in the 1980s because, among other things, it felt that AT&T had too much control over the telecommunications market. What type of market failure was most likely involved?
A.) Inequity B.) Public goods C.) Externalities D.) Market power
When a small, initially closed country engages in free trade
A. its production-possibility curve shifts inward. B. it experiences a much slower economic growth. C. it always experiences a balanced growth. D. it is not likely to suffer from immiserizing growth.
The Clayton Act prohibited
A) all vertical mergers. B) all horizontal mergers. C) any merger if its effect was to substantially lessen competition or create a monopoly. D) all conglomerate mergers.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.