Which of the following would be illegal under the Robinson-Patman Act?
A. Ford and General Motors meet to fix the price of cars.
B. ExxonMobil and BP Oil elect the same person to their boards of directors.
C. General Mills and Kelloggs decide to merge.
D. ExxonMobil sells gas at a higher wholesale price to independent gas retailers than to ExxonMobil retailers.
Answer: D
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The figure above shows the production possibilities frontier for a country. If the country is producing at point D, then the
A) resources are being used efficiently. B) technology associated with producing SUVs and compact cars is advancing. C) resources are not being used efficiently and/or are unemployed. D) production of SUVs and compact cars is maximized. E) None of the above answers is correct because it is not possible to produce at point D.
Refer to Table 2-14. If the two countries specialize and trade, who should export guitars?
A) They should both be exporting guitars. B) Ireland C) There is no basis for trade between the two countries. D) Scotland
Because a monopolist must cut its price to increase its sales by one unit,
A. MR > P at every output level. B. MC > MR at every output level. C. P > MR at every output level. D. MC > P at every output level.
The evidence shows that, over the last 25 years, spending on research and development in the rich countries has
A) decreased dramatically. B) decreased slightly. C) remained constant. D) increased in absolute numbers, but decreased as a percentage of GDP. E) increased as a percentage of GDP.