Recall the Application about the attempt to form a salt cartel in the 19th century to answer the following question(s).Recall the Application. One of the primary goals of the salt producers who tried to form a cartel was to:
A. establish a uniform price for salt.
B. boost the demand for salt.
C. establish an export market for salt.
D. increase competition in the market for salt.
Answer: A
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If a firm wants to sell bonds in Tokyo to denominated in U.S. dollars
A) they would be selling a form of Eurobonds. B) they would have to sell the bonds in dollars first. C) the bonds could only be sold if the firm opened a Eurocurrency account first. D) their profits would have to be converted to yen.
One reason why an economy may not smoothly adjust to a macroeconomic shock is that
A) prices are flexible in the long run. B) prices are sticky in the short run. C) wages are sticky in the long run. D) prices and wages are sticky in the long run.
If two goods, "x" and "y", are perfect substitutes, then which of the following best represents the utility function for the two goods?
A) U = x + y B) U = x ? y C) U = x2 + y2 D) Any of the above.
Suppose Chip's Chips produces bags of potato chips that sell for $3 a bag. If they sold 12,000 bags and incurred total costs of $30,000, what was the company's profit?
A. $6,000 B. $42,000 C. $36,000 D. $18,000