Which of the following is an amendment to the Clayton Act that strengthened it against price discrimination?
a. The Sherman Antitrust Act.
b. The Federal Trade Commission Act.
c. The Robinson-Patman Act.
d. The Celler-Kefauver Act.
QUESTION 2The three important functions of money are _____.
a. medium of exchange, facilitation of trade, and unit of account
b. unit of account, facilitation of trade, and store of value
c. store of value, facilitation of trade, and double coincidence of wants
d. facilitation of trade, medium of exchange, and unit of account
e. medium of exchange, unit of account, and store of value
QUESTION 3If Q is total real output, K is capital in use, and L is labor employed, then _____ is the formula to calculate the productivity of labor.
a. K/L
b. L/K
c. Q/L
d. Q/K
e. (Q + K)/L
QUESTION 4The Robinson-Patman Act of 1936 amended the:
a. Sherman Act.
b. Clayton Act.
c. Federal Trade Commission Act.
d. Wagner Act.
QUESTION 5Barter works best when:
a. there is an absence of a double coincidence of wants.
b. many different products are available in the economy.
c. money is readily available to establish relative prices.
d. each trader has what the other wants and wants what the other has.
e. highly developed economies achieve extensive specialization of labor.
QUESTION 6Productivity measures:
a. how efficiently resources are turned into goods and services.
b. how efficiently goods and services are consumed by the consumers.
c. the level of skills embodied in a unit of labor.
d. the ratio of inputs to a specific amount of output.
e. the availability of resources in an economy.
QUESTION 7The Federal Trade Commission:
a. was abolished by the Celler-Kefauver Act.
b. was established when the Antitrust Division of the Justice Department was eliminated.
c. largely deals with utility regulation.
d. is a weak and ineffective government agency.
e. investigates unfair and deceptive trade practices.
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