A non-binding price ceiling i. causes a surplus. ii. causes a shortage. iii. is set at a price above the equilibrium price. iv. is set at a price below the equilibrium price

Congress has divided the authority to police mergers between the Antitrust Division of the U.S. Department of Justice (AD) and the Federal Trade Commission (FTC). How is this authority divided?

A) The AD always renders its opinion on any proposed merger first. If the AD approves the merger, the case then goes to the FTC for final approval. If the AD disallows the merger, the decision stands and the FTC does not become involved. B) Both the AD and the FTC are responsible for merger policy. C) The AD establishes the guidelines that are used to evaluate proposed mergers; the FTC uses these guidelines to decide whether a proposed merger will be allowed to take place. D) The AD decides whether proposed horizontal mergers will be challenged; the FTC decides whether proposed vertical mergers will be challenged.

If the resources within a nation are not being fully or efficiently utilized, it means:

a. that the nation is operating at a point inside its production possibilities curve. b. that the nation is operating at a point outside its production possibilities curve. c. that the nation is operating at a point along its production possibilities curve. d. that the nation is probably technologically advanced. e. the government of that nation should seize ownership of the resources in order to attain the necessary efficiencies.