The unit of account function of money:
a. means that money should be durable.
b. means that money makes price information more accessible.
c. requires that money be made of something valuable.
d. means that money can be used to save up purchasing power.
e. means that money is more easily counted than goods.
QUESTION 2Which of the following would be illegal under the Robinson-Patman Act?
a. Ford and General Motors meet to fix the price of cars.
b. Computer makers form a cartel.
c. General Mills and Kelloggs decide to merge.
d. Exxon sells gas at a higher wholesale price to independent gas retailers than to Exxon retailers.
e. Exxon Oil and Mobil Oil elect the same person to their boards of directors.
QUESTION 3If Q is total real output, K is capital in use, L is labor employed, an increase in the productivity of labor would imply a(n):
a. increase in K/L.
b. increase in L/K.
c. increase in Q/L.
d. decrease in Q/K.
e. decrease in (Q + K)/L.
QUESTION 4In order for something to be used as money, it must be _____.
a. issued by the government
b. issued by banks
c. declared to be money
d. generally acceptable
e. made of something valuable
QUESTION 5If a firm offers quantity discounts or special promotional allowances only to favored distributors and the effect is to substantially lessen competition, then it is in violation of the:
a. Clayton Act.
b. Robinson-Patman Act.
c. Sherman Antitrust Act.
d. Federal Trade Commission Act.
e. Celler-Kefauver Act.
QUESTION 6In an iron and steel plant with 4 blast furnaces, 40 laborers produce 160 tons of pig iron every day. The labor productivity in the firm is equal to _____.
a. 0.25 ton per worker
b. 4 tons per worker
c. 10 tons per worker
d. 0.1 ton per worker
e. 40 tons per worker
QUESTION 7Which of the following was the earliest type of money?
a. Coins
b. Barter
c. Commodity money
d. Token money
e. Fiat money
QUESTION 8Which of the following is concerned primarily with price discrimination?
a. The Sherman Antitrust Act.
b. The Clayton Act.
c. The Robinson-Patman Act.
d. The Celler-Kefauver Act.
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