The Task of Identifying Which Specific Behaviors Were Prohibited Under

question 32

Multiple Choice

The task of identifying which specific behaviors were prohibited under the Sherman Act was left to which of the following?

• A)Congress,which amends the Sherman Act from time to time to set forth additional specific offenses.
• B)The courts.
• C)State legislatures.
• D)Local governing bodies.
• E)Both state legislatures and local governing bodies.

Explain the main reasons for a trade deficit.

Understand the effects of a tariff on the price and quantity of imported goods.

Recognize deviations from free trade policies and their implications.

Comprehend the strategies used by countries to protect domestic industries and promote technology transfer.

---

Definitions:

Substitution Effect

The change in quantity demanded of a good due to a change in its price, leading consumers to switch to or from substitute products.

Higher Wage

A wage rate that is above the average or minimum level commonly paid for similar work.

Wage Discrimination

Unequal pay for workers who perform similar jobs or duties, often based on gender, race, age, or sexual orientation.

Marginal Productivity

The increase in output produced by adding one more unit of a specific input, keeping all other inputs constant.