The U.S. Steel case of 1920 and the Alcoa case of 1945 dealt with which antitrust issue?
A. To what extent should firms be limited in buying plant and equipment from other firms?
B. Should an industry be judged by its behavior or by its structure?
C. Should the steel and aluminum industries be considered natural monopolies?
D. Should mergers be permitted between firms in closely related industries?
B. Should an industry be judged by its behavior or by its structure?
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Suppose that production of steel in the United States involves negative externalities. Now suppose that U.S. tariffs on steel imports are eliminated and U.S. imports of steel increase. What effect does the elimination of these tariffs have on total social costs associated with steel production in the United States?
a. Total social costs will increase. b. They will not change. c. They will decrease. d. They will increase butc. They will decrease. may be smaller than the private gains from increased steel imports.
Real gross domestic product
A. Is a measure of inflation B. Will increase if there is an increase in the price level C. Will increase if there is an increase in the level of output D. Can change from one year to the next even if there is no change in output