A merger between firms in which one firm purchases an input from the other is called a
A) conglomerate merger.
B) horizontal merger.
C) vertical merger.
D) none of the above.
C
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During the past 70 years, the peak average tariff rate in the United States stemmed from the
A) creation of GATT in the middle of the 1940s. B) Kennedy Administration in the early 1960s. C) Uruguay round of GATT in the 1980s. D) Smoot-Hawley Tariff Act in the early 1930s. E) Clinton-Bush tariff of 2000-2001.
Refer to the figure above. What is the equilibrium quantity after the demand curve shifts to D2?
A) 20 units B) 30 units C) 35 units D) 50 units
The French economist Jean-Baptiste Say transformed the equality of total output and total spending into a law that can be expressed as follows:
a. Unemployment is not possible in the short run. b. Demand and supply are never equal. c. Supply creates its own demand. d. Demand creates its own supply.
Refer to the graph shown. Which supply curve is inelastic?
A. A B. B C. C D. None of the answers is correct.