Violations of the Sherman Antitrust Act have sometimes been punished by breaking up the offending firm into a number of smaller firms
a. True
b. False
Indicate whether the statement is true or false
True
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The study of how the allocation of resources affects economic well-being is called
a. consumer economics. b. macroeconomics. c. willingness-to-pay economics. d. welfare economics.
When the price elasticity of demand is large in magnitude, a _____ increase in the price leads to a _____ reduction in the amount purchased and the demand curve is relatively ____.
A. slight; substantial; steep B. slight; slight; flat C. large; slight; steep D. slight; substantial; flat
Which of the following could be an institutional barrier to employment?
a. all of the above b. minimum wages c. labor unions d. licensing requirements
When considering the factor distribution of income, into whose income would corporate profits be included?
A. Owners of physical capital B. Workers. C. Proprietors D. Owners of human capital