If competition decreases in a certain industry
Select one:
a. it would not matter because competition has very little affect in a market economy.
b. A company that is in that industry may have and exert more economic power.
c. Resources will be allocated more efficiently
d. Prices will most likely be lower in that industry
Question 2
Question text
The Sherman Anti-Trust Act
Select one:
a. Gave monopolies a legal right to exist and grow
b. Gave all unions money to pay their members
c. Was a governmental attempt to promote and encourage competition.
d. Created new policies to ensure that workersâ compensation was given to all workers
Question 3
Question text
One reason the government is involved in the U.S. economy is to
Select one:
a. regulate industries in which a monopoly is in the public interest
b. encourage monopolies
c. discourage competition
d. promote the development of negative externalities
Question 4
Question text
Under perfect competition
Select one:
a. The buyers are usually uninformed
b. Market equilibrium sets the price of goods and services
c. The government determines how much of a good to produce.
d. The seller tends to spend much effort in advertising its product because of product differentiation.
Question 5
Question text
The Clayton-Anti Trust Act
Select one:
a. Was never passed
b. Helped monopolists grow wealthier
c. Was passed to lower the taxes on the most wealthy Americans
d. Outlawed price discrimination
If competition decreases in a certain industry
Select one:
a. it would not matter because competition has very little affect in a market economy.
b. A company that is in that industry may have and exert more economic power.
c. Resources will be allocated more efficiently
d. Prices will most likely be lower in that industry
Question 2
Question text
The Sherman Anti-Trust Act
Select one:
a. Gave monopolies a legal right to exist and grow
b. Gave all unions money to pay their members
c. Was a governmental attempt to promote and encourage competition.
d. Created new policies to ensure that workersâ compensation was given to all workers
Question 3
Question text
One reason the government is involved in the U.S. economy is to
Select one:
a. regulate industries in which a monopoly is in the public interest
b. encourage monopolies
c. discourage competition
d. promote the development of negative externalities
Question 4
Question text
Under perfect competition
Select one:
a. The buyers are usually uninformed
b. Market equilibrium sets the price of goods and services
c. The government determines how much of a good to produce.
d. The seller tends to spend much effort in advertising its product because of product differentiation.
Question 5
Question text
The Clayton-Anti Trust Act
Select one:
a. Was never passed
b. Helped monopolists grow wealthier
c. Was passed to lower the taxes on the most wealthy Americans
d. Outlawed price discrimination