Under a rule of reason approach, which of the following would be legal in the United States?
a. The merger of two small companies in an unconcentrated market.
b. Price fixing between IBM and Compaq.
c. The merger between Ford and General Motors.
d. Kellogg's and General Mills collude to drive Quaker Oats out of the business.
e. Exxon Oil and Mobil Oil elect the same person to their boards of directors.
a
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Which of the following is a defining feature of a multinational firm?
a. It exports goods and services to foreign nations. b. It develops joint ventures with foreign firms. c. It owns and operates production facilities in more than one country. d. It employs agents in various countries to sell their products abroad. e. It holds patents on its products and services.
Many things that society values, such as good health, high-quality education, enjoyable recreation opportunities, and desirable moral attributes of the population, are not measured as part of GDP. It follows that
a. GDP is not a useful measure of society's welfare. b. GDP is still a useful measure of society's welfare because providing these other attributes is the responsibility of government. c. GDP is still a useful measure of society's welfare because it measures a nation's ability to purchase the inputs that can be used to help produce the things that contribute to welfare. d. GDP is still the best measure of society's welfare because these other values cannot actually be measured.