Which of the following would be used in a representative household analysis?
a. the incomes of a randomly selected group of households
b. the income of a case-study household
c. the average of all households’ disposable incomes
d. the average of all investment earnings
c. the average of all households’ disposable incomes
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If Australia has relatively more land per worker, and Belgium has relatively more capital per worker, then if trade began between these two countries
A) the relative price of the land-intensive product would increase in Australia. B) the relative price of the capital-intensive product would increase in Australia. C) the relative price of the land-intensive product would increase in Belgium. D) the relative price of the capital-intensive product would decrease in Belgium. E) relative product prices would diverge between Australia and Belgium.
The Sherman Act was designed to:
A. exempt commercial banks from the antitrust laws. B. make interlocking directorates legal. C. prohibit misleading and antisocial advertising. D. make monopoly and acts that restrain trade illegal.