The above figure shows the U.S. market for wheat. With international trade, the price of wheat in the United States is ________ per ton and the United States ________ wheat
A) $16; exports
B) $14; exports
C) $14; imports
D) $16; imports
E) $14; does not trade
A
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If the price of inputs rises and consumer expectations about future economic activity worsens:
a. Aggregate demand rises, and aggregate supply falls. b. Aggregate demand rises, but aggregate supply does not change. c. Aggregate demand and aggregate supply fall. d. Aggregate demand falls, and aggregate supply rises. e. Aggregate demand and aggregate supply rise.
In breaking up the Standard Oil Company, the U.S. Supreme Court established that a company's violation of the Sherman Antitrust Act was determined by:
A. whether or not the firm engaged in "unfair business practices." B. the structure of the industry. C. the percentage of the market controlled by the firm. D. concentration ratios.