Enforcement of antitrust policy is the responsibility of
A. the Trust Division of Congress and the World Trade Organization.
B. the Federal Trade Commission and the Antitrust Division of the Department of Justice.
C. the Food and Drug Administration and Congress.
D. the World Trade Organization and the FDA.
Answer: B
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If real GDP per capita in the United States is $8,000, what will real GDP per capita in the United States be after 5 years if real GDP per capita grows at an annual rate of 3.2%?
A) $8,520 B) $9,280 C) $9,365 D) $10,560
The more inelastic the consumer demand for the final product, the
A) greater will be the economic profit in a competitive market. B) greater the impact on employment from a change in the wage rate. C) more inelastic the demand for labor producing the product. D) more responsive the output demand to a change in the price of labor.
As the number of substitutes for a good increases, its own-price elasticity becomes more
a. Unitary b. Relatively elastic c. relatively inelastic. d. perfectly inelastic.
Compared to the profit-maximizing outcome, average cost pricing in natural monopoly leads to
a. all of the following b. a higher price c. decreased consumer surplus d. the elimination of economic profit e. less output