Interlocking directorates are illegal under the ____ whether or not the effect may be to substantially lessen competition
a. Clayton Act
b. Robinson-Patman Act
c. Sherman Antitrust Act
d. Federal Trade Commission Act
e. Interstate Commerce Act
a
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A cost that has already been made and cannot be recovered is called a
A) variable cost. B) fixed cost. C) sunk cost. D) marginal cost.
In 1960, the most developed economies had _______ the GDP per capita of the poorest economies.
a. 2.4 times b. 4.2 times c. 3.4 times d. 5.4 times
Refer to Figure 35.3 for the production possibilities curves for the United States and Mexico. These two curves indicate that
A. The United States does not have an absolute advantage in the production of either good. B. Mexico has an absolute advantage in the production of machinery. C. The United States has an absolute advantage in the production of both goods. D. The United States has a comparative advantage in the production of machinery.
The total expenditure schedule in Macroland begins with these initial levels (in billions of dollars): Income = 1,000; Consumption = 900; Investment = 200; Government = 300; Net Exports = ?100. If the MPC = 0.75 and income increases in increments of 200, find the equilibrium level of income. If full employment requires an income level of 2,000, what (if anything) should the government do? Indicate both the direction of the spending change and the size of the spending change.
What will be an ideal response?