As a result of a conviction under the Sherman Antitrust Act, Standard Oil of New Jersey
A. was broken up into many smaller companies.
B. was fined for its extensive price discriminating activity.
C. was restrained from oil exploration for twenty-five years, which enabled other oil firms to assume leadership in the industry.
D. went bankrupt and no longer is in existence.
Answer: A
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In 1990, Senator Moynihan suggested that Social Security receipts and expenditures be taken off-budget so that the Social Security surplus would not be shown as part of the regular budget. He claimed that, under current accounting procedures, the Social Security surplus was masking the true size of the federal deficit. Would his proposal be a good idea?
What will be an ideal response?
For an economy as a whole, income must equal expenditure because
a. the number of firms is equal to the number of households in an economy. b. individuals can only spend what they earn each period. c. every dollar of spending by some buyer is a dollar of income for some seller. d. every dollar of saving by some consumer is a dollar of spending by some other consumer.
The aggregate supply curve is probably better thought of as a price/output response curve.
Answer the following statement true (T) or false (F)
If the Fed buys government securities from commercial banks in the open market:
A. The Fed gives the securities to the commercial banks and increases the banks' reserves B. The Fed gives the securities to the commercial banks decreases the banks' reserves C. Commercial banks give the securities to the Fed, and the Fed increases the banks' reserves D. Commercial banks give the securities to the Fed, and the Fed decreases the banks' reserves