Before the __________, agreements between oligopolists were unenforceable contracts; afterwards, such agreements were criminal conspiracies
Fill in the blank(s) with correct word
Sherman Antitrust Act of 1890
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The figure above shows the production possibilities frontier for a country. The opportunity cost of a gallon of milk between combination point A and B is
A) 1/3 of a gallon of ice cream for a gallon of milk. B) 4 gallons of ice cream for a gallon of milk. C) 1 gallon of ice cream for a gallon of milk. D) 3 gallons of ice cream for a gallon of milk. E) zero because at point A, zero milk is being produced.
In the RBC model, the importance of "intertemporal substitution" of labor supply is ________, which results in a rather ________ labor supply curve
A) denied, flat B) denied, steep C) emphasized, flat D) emphasized, steep
Who among the following individuals is not an underemployed or a discouraged worker?
a. A person employed part-time but willing to work full-time b. A homeless person who has not found work for a year and has given up looking for jobs c. A nuclear physicist unable to work because of illness d. A gourmet French chef working part-time at Burger King e. A 60-year-old professor who has stopped looking for a teaching job because schools consider him too old
An increase in the value of one currency relative to another is referred to as:
A. Currency appreciation. B. Currency depreciation. C. Terms of trade. D. Comparative advantage.