One weakness of the Sherman Act is that
A. it applies only to the steel and railroad industries.
B. it applies only to foreign monopolies.
C. it fails to clearly define restraint of trade.
D. none of these.
Answer: C
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Which of the following is most likely to occur when the government enacts policies to make the distribution of income more equal?
a. a more efficient allocation of resources b. a distortion of incentives c. unchanged behavior d. All of the above are correct.
A duopoly is
A. An illegal, price-fixing cartel. B. a two-firm oligopoly. C. a two-firm monopoly. D. an identical pair of perfectly competitive industries.
Police officers earn higher wages in part because of the dangers associated with their profession
a. True b. False Indicate whether the statement is true or false
As financial markets develop new and complex financial instruments, the Fed has:
A. less control over the long-term interest rate. B. no control over the short-term interest rate. C. full control over the short-term interest rate. D. more control over the long-term interest rate.