A merger between firms at different stages of production of a good
A) is a vertical merger.
B) was made illegal by the Sherman Act.
C) was made legal by the Clayton Act.
D) is a horizontal merger.
Answer: A
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The Phillips curve reflects
a. the short-run tradeoff between inflation and unemployment b. short- and long-run tradeoffs between unemployment and inflation c. the long-run tradeoff between inflation and unemployment d. the income distribution effects of inflation e. short-run fluctuations in GDP
Education raises wages because the demanders of labor
a. are willing to pay more for highly educated workers who have higher marginal products and the suppliers of labor are willing to pay the cost of becoming educated only if they are rewarded. b. are willing to pay the cost of becoming educated only if they are rewarded and the suppliers of labor are willing to pay more for highly educated workers who have higher marginal products. c. require fewer workers if they are highly educated. d. None of the above is correct.
Specialization and trade allow an economy to expand its:
A. production possibilities. B. consumption possibilities. C. technological advantage. D. absolute advantage.
If the average level of nominal income in a nation is $44,000 and the price level index is 175, the average real income would be about:
A. $44,000. B. $18,857. C. $77,000. D. $25,143.