Federal antitrust laws in the United States are enforced
A) solely by the Federal Trade Commission.
B) solely by the Department of Justice.
C) by the Department of Justice and by the Federal Trade Commission.
D) by the Department of Commerce.
C
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A decrease in the price of rice from 50 cents to 40 cents a pound increases consumption from 16 to 20 tons a week in Gainesville and from 160 to 200 tons in the larger city of Miami. The elasticity of demand for rice is
A. greater in Miami than in Gainesville, even taking into account the population difference. B. greater in Gainesville than in Miami in spite of the population difference. C. equal in Gainesville and Miami regardless of the population difference. D. impossible to compare because of the population difference.
The Keynesian analysis of fiscal policy argues that:
a. fiscal policy should generally be expansionary except during periods of economic recession. b. fiscal policy should generally be restrictive except during inflationary booms. c. the federal budget should be balanced annually except during war. d. the federal budget should be used to maintain aggregate demand at a level consistent with full employment.
College-age athletes who drop out of college to play professional sports
a. are not rational decision makers. b. are well aware that their opportunity cost of attending college is very high. c. are concerned more about present circumstances than their future. d. underestimate the value of a college education.
Which of the following refers to the positive or negative effect on parties who are not directly involved in a transaction?
A. Consumption effect B. Externality C. Incentive distortions D. Invisible hand