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microeconomics
Questions and Answers of
Microeconomics
A key passage of the Act stated that “every contract, combination in the form of trust or otherwise, in restraint of commerce among the several states, or with foreign nations, is hereby declared
The trusts won only the ____________case. a) AT&Tb) U.S. Steelc) American Tobaccod) Standard Oil
In 1911 the Supreme Court decided to ________.a) allow the trusts to keep functioning as they had in the pastb) break up the trustsc) let the trusts off with small fi nesd) put the leaders of the
Until the Alcoa case, the Supreme Court generally held that ______.a) bigness was all right as long as the company wasn’t badb) bigness was all right under any circumstancesc) a company could do
The Supreme Court’s rule of reason was applied _______.a) from the time of the Civil Warb) from 1911 to 1945c) after 1945d) after 1970
The high-water mark of antitrust enforcement was marked by the _________ case.a) Alcoac) DuPontb) U.S. Steeld) Microsoft
The Clayton Antitrust Act prohibited each of the following except ____.a) price discriminationb) interlocking stockholdingc) interlocking directoratesd) trusts
The most important job of the Federal Trade Commission today is to _______. a) prevent false and deceptive advertisingb) break up unlawful trustsc) issue cease-and-desist orders when
The rule of reason today is _______.a) outlawedb) partially in forcec) completely irrelevant
Antitrust today could best be summed up by the _________.a) 90 percent ruleb) 60 percent rulec) rule of reasond) one-year rule
Which statement is the most accurate? a) The honesty of our corporate leaders is beyond question.b) Most corporate leaders are dishonest.c) Even if a corporation “cooks” its books, the CPA fi
The merger between Exxon and Mobil was subject to antitrust regulation by __________.a) the Justice Department onlyb) the European Commission onlyc) both the Justice Department and the European
In the 1950s and 1960s the predominant form of merger was the _____________merger.a) horizontalb) verticalc) conglomerated) diversifying
Which statement is the most accurate? a) Virtually no chief executive officers of large corporations have gone to prison in recent years.b) About one-quarter of the chief executive officers of the
When two firms in the same industry form one larger company, this is a ___ merger.a) horizontalb) verticalc) conglomerated) diversifying
Which statement is true? a) Conglomerate mergers are all vertical mergers.b) General Electric is the largest conglomerate in the United States.c) There is no discernable trend toward corporate
Which statement is true? a) Microsoft is subject to American antitrust laws, but not those of Europe, Asia, or elsewhere.b) Microsoft has never been involved in an antitrust suit.c) The European
Since the early 1980s the size of companies acquired in mergers has been _______.a) getting smallerb) staying about the samec) getting larger
In general, the deregulation of the airlines and interstate trucking led to ___________.a) lower costs and lower pricesb) higher costs and higher pricesc) higher costs and lower pricesd) lower
The acquisitions of Time by Warner and ABC by Walt Disney were examples of _________mergers.a) horizontalb) verticalc) conglomerate
Deregulation of the trucking industry resulted in __________. a) many more firms and lower pricesb) many more firms and higher pricesc) fewer firms and lower pricesd) fewer firms and higher
Which of the following industries in the United States reported the largest mergers between 1998 and 2000? a) steel manufacturingb) automobile productionc) communicationsd) trucking
Which statement is false?a) Most of the largest U.S. corporate mergers and acquisitions have occurred since 1995.b) The U.S. government has stopped only a few mergers from occurring.c) There have
Which statement is true?a) Most of the largest corporate mergers in our history took place during the period 1998–2000.b) There have been virtually no large mergers in banking or
Which is the most accurate statement about the recent corporate scandals? a) Although the companies involved got some bad publicity, none of the executives were connected.b) There were only two or
The most common corporate crime is _________.a) taking advantage of insider knowledge for ill-gained profitsb) embezzlementc) overstating costsd) overcharging customers.
The greatest damage caused by the corporate scandals of the last few years was to _________.a) the employees of those companiesb) the U.S. Treasury, which was bilked out of billions of tax
Which is the most accurate statement about the recent wave of corporate corruption?a) It has hurt employees, stockholders, and, in general, the entire economy.b) It has actually been very healthy
Which statement is the most accurate? a) Corporate fraud invariably involves some form of illegal financial manipulation.b) Corporate fraud is confined almost entirely to the financial services
Each of the following was a plausible reason for the Justice Department to block a proposed merger between AT&T and T-Mobile in 2011 except ________.a) It would have left millions of customers
The fi rst trustbuster presidents were __________________ and _____________.
In 1911 the Supreme Court broke up the______________-and the _______________.
In the late 19th century trusts were formed. They were ;_______________________ the largest trust was the ______________ trust.
“Every person who shall monopolize, or conspire with any other person or persons to monopolize, any part of the trade or commerce of the several states, or with foreign nations, shall be guilty of
The first case to be tried under the Sherman Act was the case;__________________ the companies were found guilty of ____________.
In 1911 the Supreme Court broke up the ___________ trust into three component parts:(1) ____________________;(2) ________________;and (3) ____________.
The Supreme Court broke up the trusts in 1911 because they _____________.
“Bigness was no offense” was the underpinning of the ______________.
A(n) ________ makes the sale of one product conditional on the purchase of another product or products from the same seller;___________ stipulate that a retailer must not carry some rival firm’s
Expressly forbidding a person who is a director of one corporation to sit on the board of an other corporation in the same industry is a provision of the___________ Act.
_____________ used the relevant market argument successfully in its case, just eight years after the Alcoa case.
By the 1950s and 1960s, the most prevalent type of merger was the ___________ merger.
A vertical merger takes place when two firms that___________-join together, while a horizontal merger takes place when two firms that___________________ join together.
Had there been no antitrust, there probably would have been __________.
Derived demand is the demand for _________.a) final goods and servicesb) resourcesc) final goods as well as services and resourcesd) neither final goods and services nor resources.
When the demand for wheat rises, the demand for farm labor ________. a) rises b) falls c) may rise or fall
The demand for resources is based on _______.a) only the demand for the final productb) only the productivity of the resourcec) both the demand for the final product and the productivity of the
Which statement is true? a) Resources and final products are both measured by units of input.b) Resources and final products are both measured by units of output.c) Resources are measured by
Which statement is true?a) Productivity is output per unit of input.b) Productivity is input per unit of output.c) Productivity is neither of the above.
Relative to the Chinese economy, the U.S. economy is ___________. a) more capital intensiveb) more labor intensivec) more labor intensive and more capital intensived) less labor intensive and
The added output for which one additional input of labor is responsible is its ___________. a) marginal revenue productb) marginal physical productc) average revenue productd) average physical
The firm’s demand schedule for a resource is its _______ schedule.a) MPPc) total revenueb) MRPd) output
The firm will hire workers until the wage rate and the of the last worker hired are equal.a) marginal physical productb) MRPc) output
A firm will operate at that point where ___________is equal to one. a) the marginal physical product of capital/price of capitalb) the MRP of capital/price of capitalc) the price of
A firm will keep hiring more and more of a resource up to the point at which its MRP is equal to __________.a) oneb) its marginal physical productc) its priced) its output
If the MRP of the last worker hired is lower than the wage rate, the firm has _________.a) hired too many workersb) hired too few workersc) hired the right number of workers
If the wage rate is higher than the MRP of the last worker hired, __________.a) the firm might be able to profitably hire at least one more workerb) the firm has already hired too many
The most important influence on a firm’s demand for a factor of production is _________.a) the quantities of other resourcesb) the prices of other resourcesc) its productivityd) the demand for
If the price that a perfect competitor receives for her final product doubles, the firm’s MRP schedule will _______. a) riseb) fallc) double at each priced) stay about the same
The most effective way to increase the productivity of labor would be to _________.a) increase capitalb) increase laborc) lower capitald) shift workers from white-collar work to blue collar work.
Capital and labor are ______ factors of production.a) substituteb) complementaryc) both complementary and substituted) neither complementary nor substitute
Automation will raise the level of employment if the _________.a) output effect is equal to the substitution effectb) output effect is greater than the substitution effectc) substitution effect is
The decline in washing machine prices in the 1950s led to an increase in the employment of women because the ______. a) output effect outweighed the substitution effectb) substitution effect
A firm will use increasing amounts of a resource until the ____________ of that resource is equal to its ________________ .
If Melissa produces twice as much per hour as Adam, we would say that she is ______________ as productive as he is.
Our economy is relatively ________________ intensive, while the Chinese economy is relatively ________________ intensive.
If farmland became fi ve times as expensive, farmers would use much more _______________ and _________________ per acre.
When the productivity of a resource rises, its ____________ and its________________________ also rise.
When the price of a substitute resource declines, the price of a resource will __________.
The MRP of the fourth unit of output is equal to the _____________ less the ___________.
The producer’s surplus of rented land is the difference between how much this land is __________ and how much _________________.
A firm will keep hiring more and more of a resource up to the point at which its __________-is equal to ___________.
A firm will keep leasing additional units of land until the MRP of that land is equal to the ____________.
An increase in the productivity of labor will __________ the MRP of labor.
If the price of labor goes up and a firm replaces some workers with machines, this is the_________ effect; when the price of a resource declines and the level of production consequently rises, this
If labor and capital are complementary resources and the price of labor goes up, then the employment of _________ capital.
(a) Fill in Table 1. (b) Is the firm a perfect or an imperfect competitor?(c) If the wage rate were $60, how many workers would be hired? How much would the total wage bill come to?(d) If the
(a) Fill in Table 2. (b) Is the firm a perfect or an imperfect competitor?(c) If the wage rate were $250, how many workers would be hired? How much would the total wage bill come to?(d) If the
Given the data in Table 3, how many units of land, labor, and capital would you hire? TABLE 3 Units MRP of of Land Land 123456 2 3 Rent = $8 $20 17 13 8 2 1 Units of Capital 1 2 3 4 5 6 Interest =
A perfect competitor charges a price of $5. The fi rst worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18,
Explain how a monopsonist operates in the labor market, and illustrate your explanation with an example.
Unions have _________. a) increased wagesb) decreased wagesc) had no effect on wages
Which statement is true about labor unions in the United States?a) They have always been very popular.b) They did not gain widespread acceptance until the 1940s.c) They have never gained
Which statement is the most accurate? a) Collective bargaining is almost always between the two parties of a bilateral monopoly.b) Monopsonies are illegal under the Taft-Hartley Act.c) The United
The American Federation of Labor became the nation’s predominant labor organization in _______.a) the early 19th centuryb) the 1880sc) the early 20th centuryd) the 1940s
The AFL has always been basically interested in ______.a) better wages, hours, and working conditionsb) the formation of small producers’ cooperativesc) the creation of true socialismd) none of
The act that supported union organizing was the ________.a) National Labor Relations Actb) Taft-Hartley Actc) Landrum-Griffin Actd) Sherman Antitrust Act.
Employers’ rights were protected in the _______. a) National Labor Relations Actb) Taft-Hartley Actc) Clayton Actd) Sherman Antitrust Act
Jurisdictional disputes and secondary boycotts are prohibited under the __________Act.a) National Labor Relationsb) Taft-Hartleyc) Claytond) Sherman Antitrust
Limits on takeovers of locals by national unions and a listing of the financial responsibilities of union officials were provisions of the ____________Act.a) National Labor
Under a(n) __________shop, an employer may hire only union members. a) closedb) unionc) open
Right-to-work laws promote the formation of _________.a) closed shopsb) union shopsc) open shops
In 1935 the ___________.a) AFL was organizing along industry lines and the CIO was organizing along craft linesb) AFL was organizing along craft lines and the CIO was organizing along industry
The only prolabor name among the following is __________. a) Shermanb) Claytonc) Taft-Hartleyd) Wagner
Which statement is true? a) No union is a monopoly.b) Some unions are monopolies.c) All unions are monopolies.
Which statement is true with respect to the two basic ways unions have of exerting power? a) Only inclusion leads to higher wages.b) Only exclusion leads to higher wages.c) Both inclusion and
A monopsony is ___________. a) the only seller of a product for which there are no close substitutesb) the only buyer of a product for which there are no close substitutesc) both the seller and
Each of the following companies except ___________ was once a monopsony. a) General Electricc) R.J. Reynoldsb) J. P. Stevensd) AT&T
The ultimate weapon that management can use against unions is ___________.a) collective bargainingb) the strikec) the ability to take (or withstand) a striked) the lockout
The firm with the least ability to withstand a strike would be a __________.a) manufacturing firmb) service firmc) diversified firm
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