1. Select the true statement about standards for weights and measures.
a)Sales of products or services impacted by weights and measures laws in the US represent a small proportion of output.
b)A pound of flour from the Fluffy Flour Company will be the same weight as a pound of flour from another company.
c)Companies owned by private individuals do not have to follow the standards.
d)Standards often wind up discouraging the exchange of goods in the economy.
2)Select the items that describe antitrust laws.
a)created to prevent monopolies
b)intended to promote competition
c)can have unintended consequences
d)create-one company industries
e)encourage price setting to maximize profits
3)Which of the following situations is an example of the kind of decision a government would make in regard to its property rights?
a)Should Jan expand her marketing business?
b)Is Sam's Save N Sell Store treating its employees fairly?
c)Should this land be used to build a library?
d)Should students be required to wear uniforms?
4)Select items that affect incentives for people to produce and exchange goods and services.
a)liability rules
b)property rights
c)contract enforcement
d)standards for weights and measures

