The European Union has prosecuted cases against Apple and Google for violations of their antitrust laws. Specifically, they were accused of
A. producing products for less than their cost.
B. producing products/services that are better than their European competition.
C. paying their workers less than their European competition.
D. using their dominance in one area to dominate another.
Answer: D
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Special interest group K receives a 1/1,000th slice of the economic pie. Its net benefit from either an economic growth policy or a transfer policy is $200,000. In order for group K to be indifferent between the two policies, the economic growth policy would have to make the size of the economic pie (Real GDP) grow by _________________. This type of analysis is used to show that special interest groups tend to press government for ______________ instead of ________________.
A. $200,000,000; economic growth; transfers B. $20,000,000; economic growth; transfers C. $200,000,000; transfers; economic growth D. $20,000,000; transfers; economic growth E. none of the above
Which of the following are considered sources of bias in the CPI?
a. Prices changing too rapidly; substitution, new technologies; and quality changes. b. Prices changing too rapidly; substitution; quality changes; and growth in discounting. c. Quality changes; new technologies; prices changing too rapidly; and growth in discounting. d. Substitution; new technologies; prices changing too rapidly; and growth in discounting. e. Quality changes; new technologies; substitution; and growth in discounting.
Which of the following most clearly illustrates the concept of "derived demand"?
a. An increase in the price of steak causes the demand for poultry to increase. b. As the price of coffee increases, the quantity demanded for coffee declines. c. A boom in the housing market leads to an increase in the demand for lumber and electricians. d. An increase in beer advertising on television leads to an increase in per capita beer consumption.
Consider a good to which a per-unit tax applies. The greater the price elasticities of demand and supply for the good, the
a. smaller the deadweight loss from the tax. b. greater the deadweight loss from the tax. c. more efficient is the tax. d. more equitable is the distribution of the tax burden between buyers and sellers.