Which of the following is NOT an antitrust law?
A) the Robinson-Patman Act
B) the Smoot-Hawley Act
C) the FTC Act
D) the Sherman Act
Answer: B
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An economy recently reported nominal GDP of 3 trillion euro and a GDP deflator of 200 . What was real GDP?
a. 1.5 trillion euro, and real GDP is a better gauge of economic activity than nominal GDP. b. 1.5 trillion euro, but nominal GDP is a better gauge of economic activity than real GDP. c. 6 trillion euro, and real GDP is a better gauge of economic activity than nominal GDP. d. 6 trillion euro, but nominal GDP is a better gauge of economic activity than real GDP.
People consistently consider sunk costs when weighing the trade-offs involved in a decision because:
A. they are rational. B. they are utility-maximizers. C. they think at the margin. D. they find it hard to accept their losses.