The Clayton Act
a. preceded the Sherman Act.
b. replaced the Sherman Act.
c. strengthened the Sherman Act.
d. was specifically designed to reduce the ability of cartels to organize.
c
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Refer to Figure 11.2. Assume the economy is in equilibrium at 1, where real GDP equals potential GDP
The economy experiences a negative demand shock, and the Fed responds by decreasing real interest rates to bring real GDP and inflation back to their original levels. Other things equal, the Fed's response to the negative demand shock is best represented by a movement from A) point B to point D. B) point C to point D. C) point B to point A. D) point C to point A.
In sequential order, the four phases of the business cycle are
A) trough, peak, expansion, contraction. B) peak, contraction, trough, expansion. C) expansion, contraction, peak, trough. D) contraction, trough, peak, expansion.