The main goal of the Sherman Act was to
A. limit mergers and price-fixing contracts.
B. make restraint of trade illegal.
C. limit competition among small firms.
D. make deceptive practices illegal.
Answer: B
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The income effect of a real wage increase is observed when
A) the higher wage causes workers to take more leisure and work fewer hours. B) the higher wage causes workers to take less leisure and work more hours. C) leisure's higher opportunity cost causes workers to take less leisure and work more hours. D) leisure's higher opportunity cost causes workers to take more leisure and work more hours.
Discrimination lowers the average wage of members of one group of workers in spite of laws that require equal pay for all workers
a. True b. False Indicate whether the statement is true or false
In 1979 and 1980,
a. the U.S. inflation rate as measured by the GDP deflator was higher than that measured by the CPI, and the difference was explained by rapidly rising prices of goods exported by the U.S. b. the U.S. inflation rate as measured by the CPI was higher than that measured by the GDP deflator, and the difference was explained by rapidly rising prices of goods exported by the U.S. c. the U.S. inflation rate as measured by the GDP deflator was higher than that measured by the CPI, and the difference was explained by rapidly rising oil prices. d. the U.S. inflation rate as measured by the CPI was higher than that measured by the GDP deflator, and the difference was explained by rapidly rising oil prices.
Most mainstream macroeconomists oppose a strict requirement to balance the federal budget annually because they conclude that such a requirement would:
A. increase real interest rates and drive out investment spending. B. eliminate monetary policy as a stabilization tool. C. force government to undertake expansionary fiscal policy during inflation and contractionary fiscal policy during recession. D. expand the size of the federal government.