Answer the following statements true (T) or false (F)
1) Foreign firms and foreign citizens are exempt from U.S. antitrust laws.
2) If an illegal per se act has been proven to have occurred, there is no defense possible.
3) If a firm engaged in a price-fixing agreement first reports the activity to the Department of Justice, the company still faces substantial fees because price-fixing is illegal per se.
4) Bid rigging is analogous to price fixing.
5) Resale price maintenance can prevent showrooming.
1) FALSE
2) TRUE
3) FALSE
4) TRUE
5) TRUE
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The price of one good divided by the price of another good is a
A) money price. B) relative price. C) budget constraint. D) divisible good.
Scalping and other black market activities arise when
A) the prices of goods are allowed to adjust to their equilibrium levels. B) the quantities of goods demanded and supplied are allowed to adjust to their equilibrium levels. C) the prices of goods are restricted to levels above equilibrium prices. D) the prices of goods are restricted to levels below equilibrium prices.
If the Fed unexpectedly shifts to a more restrictive monetary policy, which of the following will most likely occur in the short run?
a. a decrease in the real interest rate b. an increase in unemployment c. an increase in real GDP d. an increase in inflation
Which one of the following will shift the consumption function upward?
A. higher interest rates B. an increase in real assets C. expectations of future economic growth D. lower capacity utilization rates