The United States as a whole would be inappropriate as the relevant geographic market when an antitrust case involved
A) ABC and NBC.
B) two auto producers.
C) two steel producers.
D) two concrete producers.
Answer: D
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Suppose the market for cement is one where there are a large number of buyers and sellers, and everyone conducts transactions at a common market price. Which of the following statements is true about the structure of the cement market?
A) The cement market is free and competitive. B) The cement market is government regulated. C) All participants in the cement market set their own prices. D) All transactions in the cement market are likely to be involuntary.
The magnitude of the slope of an indifference curve is:
A) called the marginal rate of substitution. B) equal to the ratio of the total utility of the goods. C) always equal to the ratio of the prices of the goods. D) all of the above E) A and C only
Which of the following is TRUE of an excise tax?
A) An excise tax is always a unit tax. B) An excise tax is levied on purchases of particular good or service. C) An excise tax is based on an individual's income. D) Imposing an excise tax shifts the market demand curve.
The net present value of $1,000 received in the future would
a. decline if the $1,000 were received sooner. b. increase if the delivery date for the $1,000 were set farther into the future. c. decrease if the interest rate fell. d. decrease if the interest rate rose.