A successful and stable cartel can be established if there are
A) many firms producing a storable product.
B) many firms producing a perishable product.
C) a few firms producing a storable product.
D) a few firms producing a perishable product.
C
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The long run is a time period that is
A) five years or longer. B) long enough to change the amount of labor employed. C) long enough to change the size of the firm's plant and all other inputs. D) long enough to change the amount of labor employed but not to change the size of the plant. E) None of the above answers describes the long run.
Which of the following is classified as a liability for a commercial bank?
A) Reserves B) Commercial loans C) Demand deposits D) Deposits with the Federal Reserve
An example of a deficit item on the U.S. balance of payments is
A) the sale of a spark plug made by a U.S. firm in Michigan to a Nissan plant in Tennessee. B) the purchase of Japanese yen by a U.S. firm. C) a deposit in a bank in Chicago by the government of Saudi Arabia. D) the payment of a dividend by a British firm to a U.S. family.
A permanent change to a much higher price of gasoline would lead us to expect fewer gas guzzlers on the road, ceteris paribus
a. True b. False Indicate whether the statement is true or false