What is the primary threat of monopoly and oligopoly to the public interest?
a. Cartels
b. Predatory pricing
c. Price wars
d. Monopoly power
d
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The nature of contracts changed in the 19th century through judicial instrumentalism and had what effect?
(a) Facilitating free-market determinations of wages and prices. (b) Allowing factory owners to contract with masses of employees for wages, hours and working conditions if the terms were made known and the laborers agreed to them. (c) Advancing the rule of caveat emptor in markets because if a seller unknowingly sold defective goods, the buyer's opportunity to inspect the goods before purchase would ensure the seller's innocence of overt deception. (d) All of the above were effects of the changes to the nature of contracts.
Economist Arthur Laffer made the argument that tax rates in the United States were so high that reducing the rates would increase tax revenue
a. True b. False Indicate whether the statement is true or false
Assume that rents flow clockwise in a circular economic flow diagram. This implies that land flows:
A. clockwise and profits flow counterclockwise. B. clockwise and capital flows counterclockwise. C. counterclockwise and capital flows clockwise. D. counterclockwise and profits flow clockwise.
A charity that used to make an appeal to people's sense of civic or moral responsibility, but no longer does, is likely to ________ the free-rider problem and lead to a ________ level of contribution to the public good.
A. reduce; smaller B. reduce; larger C. increase; smaller D. increase; larger