Under a rule of reason approach, an act is illegal:
A. only if it is shown to result in an anticompetitive outcome.
B. if two parties merge.
C. if a firm engages in price discrimination.
D. if two firms engage in price fixing.
Answer: A
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If the natural unemployment rate is 5 percent, the actual unemployment rate is 8 percent, and potential GDP is $15 trillion, then according to Okun's Law, real GDP is
A) $13.8 trillion. B) $15.9 trillion. C) $13.05 trillion. D) $14.25 trillion. E) $14.1 trillion.
Refer to Figure 17-3. In Panel A, at high wages (segment iii)
A) the price of leisure is rising relative to the price of labor. B) laborers work more as wages increase. C) the price of leisure is falling relative to the price of labor. D) labor suppliers take more leisure as wages increase.
A one-year Treasury bill with an annual yield of 10 percent and a price of $909.09 has a face value of
A) $900. B) $1,000. C) $980. D) $1,020.
The key concept in the new classical approach to the aggregate supply curve is
A) the impact of imperfect information on business decisions. B) the impact of changes in the price level on real balances. C) the inverse relationship between the real interest rate and desired investment spending. D) the crowding out of investment spending by government spending.