A medical researcher suggests that the new flu shot will prevent all forms of the flu, but it was never tested or proved to be true. Which of the following antitrust acts are being violated?
A. Clayton Act
B. Sherman Act
C. Federal Trade Commission Act
D. No Antitrust law is being violated
Answer: C
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If retail managers are ordering extra merchandise from their wholesale distributors, then it is probably true that
A. total output is greater than total spending. B. price levels are decreasing. C. inventory levels are increasing. D. inventory levels are decreasing.
Use the following diagram in which S is the market supply curve and S1 is a supply curve comprising all costs of production, including external costs, to answer the question below.
Assume that the number of people affected by these external costs is large. If the government wishes to establish an optimal allocation of resources in this market, it should
A. tax producers so that the market supply curve shifts leftward (upward). B. subsidize consumers so that the market demand curve shifts leftward. C. not intervene because the market outcome is optimal. D. subsidize producers so that the market supply curve shifts leftward (upward).
Suppose that inventories were $80 billion in 2012 and $70 billion in 2013. In 2013, national income accountants would ________.
A. subtract $75 billion (= $150/2) from other elements of investment in calculating total investment B. add $10 billion to other elements of investment in calculating total investment C. add $75 billion (= $150/2) to other elements of investment in calculating total investment D. subtract $10 billion from other elements of investment in calculating total investment
Which of the following statements is true?
A) When a nation has an absolute advantage over other nations in producing all the goods and services, it cannot gain from trade. B) Absolute advantage relates to production per units of inputs and comparative advantage involves the opportunity cost of producing different goods. C) When a nation has an absolute disadvantage over other nations in producing a good, it cannot gain from trade. D) Absolute advantage involves the opportunity cost of producing different goods and comparative advantage relates to production per units of inputs.