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According to the text, the AT&T corporation was deregulated primarily by a. requiring t

  According to the text, the AT&T corporation was deregulated primarily by

a. requiring that competing companies have access to AT&T’s facilities

b. declaring AT&T the legitimate monopoly of telephone service in the United States

c. creating a special Telephone Advisory Commission

d. ending all government regulations regarding the domestic telephone industry

e. requiring AT&T to share patents with competitors

102.              The argument that the government did not favor good trusts, but forbade all, is support
                            for the __________ approach to antitrust.

a. rule of reason

b. countervailing power

c. nationalization

d. per se

e. laissez-faire

103.              The Celler-Kefauver Act strengthened the nation’s antitrust approach to merger
                            enforcement by

a. making all mergers illegal

b. making all conglomerate mergers illegal

c. creating the Federal Trade Commission

d. providing HHI guidelines the government could use to clarify antitrust enforcement

e. amending the Clayton Act to include the purchase of assets of another company as a
potential antitrust violation

104.              Economists admire perfect competition for all of the following reasons except

a. market prices are at their lowest possible levels

b. quantities are higher than with any other market condition

c. consumers get the greatest variety of differentiated goods

d. P = MC = ATC = MR

e. goods are produced at minimum average total cost

105.              Since we live in a world of high concentration ratios,

a. goods are produced at the lowest possible average total cost

b. perfect competition does not exist

c. most markets operate under conditions of monopoly

d. prices are at their lowest possible levels

e. it is an economic paradise

106.              Many economists believe that in our modern economy, firm size is most directly
                            determined by

a. concentration ratios that decrease as the number of firms decreases

b. diseconomies of scale that make it less costly to increase firm size

c. easy entry of new firms when there are economies of scale

d. government policies that dictate optimal firm investment levels

e. modern technology that gives an advantage to large-scale production methods

107.              Economists who believe that market concentration is not harmful to a country’s economic
                            well being

a. favor laissez-faire government policies

b. think that markets should be regulated

c. think that the government should own those monopolies

d. like the idea of price controls

e. are nonexistent

108.              Many economists believe there is a good chance that if the government had not taken
                            over passenger rail service, Amtrak would

a. be making economic profits today

b. be facing competition from numerous other rail systems

c. provide services that generate significant tax revenues

d. not exist at all today

e. operate in the long run at a loss to private firms

109.              When the potential threat of new entrants serves to moderate prices in highly
                            concentrated industries, this is called

a. monopoly power

b. barriers to entry

c. price discrimination

d. contestable markets

e. nationalization

110.              When competing power blocs exist within an oligopolistic industry,

a. concentration ratios are low

b. the laissez-faire approach can be justified

c. prices are higher than under monopoly

d. nationalization is necessary

e. contestable markets exist by definition

Dec 11 2019 View more View Less

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