In 2001, Microsoft was found guilty of violating:
A. Section 7 of the Clayton Act.
B. Sections 1 and 2 of the Sherman Act.
C. the Federal Trade Commission Act.
D. Section 20 of the Wagner Act.
Answer: B
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From a firm's viewpoint, opportunity cost is the
A) best alternative use customers can find for the firm's output. B) cost the firm must pay for the factors of production it employs to attract them from their best alternative use. C) accounting cost of resources. D) price a firm can charge for its output. E) cost of acquiring the opportunity to sell to its customers.
Technical efficiency
A) ignores the values of the chooser. B) is a necessary precondition for the attainment of economic efficiency. C) is always attained if economic efficiency is achieved. D) is attained whenever the ratio of physical output to physical input is greater than unity. E) is easier to achieve than economic efficiency.
Pair-wise majority voting fails to meet which of the following criteria?
A. Transitivity B. Independence of irrelevant alternatives and transitivity C. No dictator and transitivity D. No dictator and independence of irrelevant alternatives
In terms of the dollar value of payment, which of the following comprises the largest share?
a. cash b. personal checks c. debit cards d. credit cards