If incomes in the United States increase, other things equal, then U.S. _____
Fill in the blank(s) with the appropriate word(s).
imports increase and exports remain constant.
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Refer to the scenario above. If they are the only bidders in the auction, Bill will continue to bid as long as bidding is below ________
A) $420 B) $210 C) $500 D) $625
If points A and B are two locations on a country's production possibility frontier, then
A) the country could produce either of the two bundles. B) consumers are indifferent between the two bundles. C) producers are indifferent between the two bundles. D) at any point in time, the country could produce both. E) both bundles must have the same relative cost.
In U.S. v. U.S. Steel Corporation, the Supreme Court ruled that
a. U.S. Steel had violated the Sherman Act, particularly by organizing meetings with competitors such as the "Gary Dinners.". b. despite the fact that U.S. Steel controlled 50 percent of output in the steel industry, the company had not achieved monopoly power. c. large corporations, by definition, violate the Sherman Act. d. the Sherman Act did not apply to U.S. Steel because steel manufacturing was an activity "clothed with a public interest.".
M1 is actually a smaller amount than M2
a. True b. False Indicate whether the statement is true or false