The costs of determining who to bargain with are called
A) search costs.
B) collectivization costs.
C) negotiation costs.
D) monitoring and enforcement costs.
A
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Potential GDP is
A) another name for real GDP. B) the amount of real GDP that the economy would produce if it were at full employment of all resources. C) the value of the maximum amount of output that can be produced at any given time. D) the amount of real GDP that the economy would produce if the unemployment rate was zero. E) the amount of real GDP that the economy would produce if all unemployment was cyclical unemployment.
In the United States, a collusive agreement to restrict output and increases prices is
A) legal. B) the key tool used by oligopolists. C) illegal. D) the key tool used by monopolistic competitors.
If the utility function (U) between food (F) and clothing (C) can be represented as U = , the marginal rate of substitution of clothing for food equals
A) -C/F. B) -F/C. C) - . D) - .
On January 12, 2011, one U.S. dollar was worth 0.78 euros. How many U.S. dollars did it take to buy one euro?
a. 0.78 b. 1.28 c. 1.43 d. 1.70