A firm could be guilty of antitrust violations using the judgment by structure criteria despite:
A. controlling only 10 percent of the market.
B. restraining trade through cartels.
C. pricing goods above the competitive price.
D. producing the best product it could at the lowest possible cost.
Answer: D
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The formula for calculating the CPI is
A) (Expenditures in the current year × Expenditures in the base year)/100. B) (Expenditures in the base year/Expenditures in the current year). C) (Expenditures in the base year × 100)/(Expenditures in the current year). D) (Expenditures in the current year/Expenditures in the base year) × 100.
The price reduction effect of the sale of a firm's last ?Q units of output is:
A. the additional revenue from selling ?Q units at price P(Q). B. the reduced revenue from selling (Q - ?Q) units at a lower price of P(Q). C. the additional revenue from selling ?Q units at price P(Q + ?Q). D. the reduced revenue from selling (Q - ?Q) units at a lower price of P(Q - ?Q).
The currency of the United States is
a. backed dollar for dollar by gold b. backed dollar for dollar by GDP (that is, by goods) c. not backed by anything (neither gold nor fool's gold) d. backed by the government's currency reserves in the vaults at Fort Knox e. backed by gold only for coin, not for paper bills
Refer to the table. Suppose that the transactions demand for money is $300 billion and the money supply is $700 billion. A decrease in the money supply to $600 billion would cause the interest rate to:
A. Rise to 7 percent
B. Rise to 6 percent
C. Fall to 4 percent
D. Fall to 5 percent