One of the agencies responsible for enforcement of antitrust policy is
A. the Trust Division of Congress.
B. the Food and Drug Administration.
C. the Federal Trade Commission.
D. the World Trade Organization.
Answer: C
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Which of the following is not a cause of frictional unemployment?
a. the destruction of manufacturing jobs b. a worker leaving a job to find one with better benefits c. minimum-wage laws d. unemployment insurance
What will a price ceiling that is non-binding do?
a) It will cause a surplus in the market. b) It will cause a shortage in the market. c) It will cause the market to be less efficient. d) It will have no effect on the market price.
If the normalization of trade relations between the U.S. and Cuba legalizes the sale of Cuban cigars in our country, it would
A. increase equilibrium price and decrease equilibrium quantity for Cuban cigars. B. decrease equilibrium price and increase equilibrium quantity for Cuban cigars. C. increase both the equilibrium price and quantity for Cuban cigars. D. decrease both the equilibrium price and quantity for Cuban cigars.
Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that we observe Joe staying open 5 hours per day. If he is following the marginal principle, what must his marginal cost per hour be?
A. $16 B. $24 C. $32 D. $40