The basic issue in the DuPont cellophane case was:
A. whether trade crossed state lines.
B. defining the relevant market.
C. structure versus behavior.
D. the rule of reason.
Answer: B
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What are the effects of an expansionary monetary policy on interest rates and output in an open economy with fixed exchange rates?
What will be an ideal response?
The financial crisis that began in late 2007 ended which era?
A. The Great Recovery B. The Golden era C. The Great Moderation D. The Great Recession
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Answer the following statements true (T) or false (F)
1) The percentage of the United States' domestic output that is derived from international trade is higher than that for any other industrially advanced nation. 2) It is impossible for a nation to have a comparative advantage in producing everything. 3) The nation that has a comparative advantage in a particular product will be the only world exporter of that product. 4) International trade based on the principle of comparative advantage creates a more efficient allocation of world economic resources.