A detail from the text: OPEC is an acronym for the world's most famous cartel. The acronym stands for
a. Oil and Petroleum Export Cartel
b. Organization of Producers of Exported Crude
c. Organization of Production and Exchange Countries
d. Organization of Petroleum Exporting Countries
e. Oil and Petroleum Extraction Countries
D
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Suppose there are only two goods: guns and roses. If the relative price of guns falls, then the relative price of roses
a. must also fall. b. must rise. c. is unaffected. d. could rise, fall, or remain unchanged.
Refer to the figure above. In equilibrium, this country consumes at point
A) B. B) C. C) D. D) E.
When the U.S. dollar depreciates in relation to the Swiss franc:
a. a U.S. importer will need more dollars to pay for an invoice denominated in Swiss francs. b. a Swiss exporter will receive more Swiss francs for an invoice denominated in the exporter's currency. c. Swiss imports of U.S. goods will fall. d. the Swiss franc is now worth less in terms of the U.S. dollar. e. a U.S. exporter will receive fewer dollars for an invoice denominated in Swiss francs.
How does the demand curve for a product in a pure monopoly compare to the demand curve for the industry?
a. They intersect in two places. b. They are parallel. c. They are the same. d. They are perpendicular.