Historical note: Because of its military importance, the U.S. government exercised monopoly control over which one of the following goods before World War II?
a. iron
b. steel
c. helium
d. hydrogen
e. coal
C
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Taxes levied on imports are called ________
A) embargo B) seigniorage C) quotas D) tariffs
Identify the impact of an increase in the inventory stock during a year
a. Consumption spending will decrease thereby reducing the GDP. b. The GDP of a country should decrease by the amount of the increase in inventory. c. The capital investment in a country will increase. d. Neither the capital investment nor the GDP will change. e. The GDP of a country should increase by the amount of the increase in inventory.
The view that the antitrust laws should be enforced relatively leniently because of the tendency for monopoly power to erode over time is known as the:
A. structuralist view of antitrust. B. behavioralist view of antitrust. C. laissez-faire perspective on antitrust. D. active antitrust perspective.
Which of the following is not characteristic of U.S. agriculture?
A. Productivity has been increasing more slowly in agriculture than in the rest of the economy. B. The demand for agricultural commodities increases less than proportionate to increases in income. C. Resources in agriculture are relatively immobile. D. Demand is inelastic with respect to price.