The Robinson-Patman Act amended and further refined which of the following laws?
a. The Sherman Antitrust Act.
b. The Celler-Kefauver Act.
c. The Clayton Act.
d. The FTC Act.
e. The Herfindahl-Hirschman Act.
QUESTION 2Joe runs a pizzeria at a busy place in a city. Around 125 customers visit every day and they each buy 3 pizzas on average. Joe has employed 20 laborers to make pizzas. The productivity of one laborer per day in the pizzeria is equal to _____.
a. 6.25 pizzas per worker
b. 18.75 pizzas per worker
c. 6.67 pizzas per worker
d. 41.67 pizzas per worker
e. 20.75 pizzas per worker
QUESTION 3Whatever serves as a medium of exchange is:
a. money.
b. money, as long as it is also the best such medium of exchange available.
c. money, as long as it is not also a commodity.
d. money, as long as it is not also legal tender.
e. not money, unless it continues to be backed by its issuing institution.
QUESTION 4Human capital represents:
a. the equipment that labor uses on-the-job to improve labor productivity.
b. the ratio of capital to labor.
c. the education, skill, and training embodied in workers.
d. the technology developed by humans that is embodied in equipment.
e. the social institutions created by people which promote the accumulation of equipment for production.
QUESTION 5Price discounts to selected buyers with the intent of driving out smaller competitors is:
a. widespread in all industries.
b. common in the retailing industry only.
c. illegal under the Robinson-Patman Act.
d. allowed if the four-firm concentration ratio is less than 50 percent.
e. beneficial to consumers in the long run.
QUESTION 6How does money function as a unit of account?
a. Money has intrinsic worth as a commodity.
b. Money is convertible into commodities that have intrinsic worth.
c. The prices of all goods and services are measured in terms of money.
d. Things that function as money can do so because people know there is a standard of value that ultimately backs the money even if it is only faith.
e. Bank accounts make it easy for people to store their wealth.
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