The legislation passed by Congress in 1890 to reduce the market power of large and powerful "trusts" was the
a. Morgan Act.
b. Sherman Act.
c. Clayton Act.
d. 14th Amendment.
b
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When a baker exchanges a pie for dollars, this is an example of dollars serving as:
A. a unit of account. B. a store of value. C. barter. D. a medium of exchange.
The form of economic organization in which individuals may own private property but in which the government owns and operates productive resources is called
A) communism. B) capitalism. C) socialism. D) utilitarianism.
A monopolistically competitive firm has the free entry characteristics of ________ and the price setting characteristics of ________
A) an oligopolistic market; perfect competition B) perfect competition; a monopoly C) a monopolistic market; a cartel D) perfect competition; perfect competition
Which one of the following would not be counted in gross domestic product?
a. a book produced by a Canadian-owned company in Davenport, Iowa b. a book produced by a U.S.-owned company in Philadelphia, Pennsylvania c. a book produced by a U.S.-owned company in Halifax, Nova Scotia, Canada d. a Japanese doctor providing health care to the elderly in Frankfort, Kentucky e. an American doctor providing health care to the elderly in Frankfort, Kentucky