Antitrust activities by the government:
A. can cause inefficiencies.
B. sometimes increase the efficiency of a market.
C. are accused of being politically motivated.
D. All of these statements are true.
Answer: D
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Adam Smith believed that if people were free to pursue their own interests,
a. public interest would be served quite well. b. less would be produced than if altruism were the guiding principle. c. they would generally apply their talents to unproductive activities that would generate little value to society. d. they would have little incentive to undertake productive activities.
Keynesian economists would likely argue that the classical model is which of the following?
A. a sticky price theory B. a short-run theory C. both a long-run and short-run theory D. a long-run theory