In 1890, the United States Congress
A. passed the Sherman Antitrust Act.
B. created the Federal Trade Commission.
C. created the Interstate Commerce Commission.
D. passed the Rule of Reason Act.
Answer: A
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Refer to the above figure. Suppose the economy had been at point A and now is at B. What could have caused the movement to B?
A) Unusually good weather causes the wheat crop to be larger than normal. B) Both the labor force and the population increased. C) Winter storms cause factories in the north to be shut down for several weeks. D) Government spending increased causing aggregate demand to increase.
The principle of comparative advantage does not provide answers to certain questions. One of those questions is
a. Is it possible for specialization and trade to benefit more than one party to a trade? b. Is it possible for specialization and trade to increase total output of traded goods? c. Do opportunity costs play a role in people's decisions to specialize in certain activities? d. What determines the price at which trade takes place?