Positive economic statements
A) prescribe what should be.
B) are related only to microeconomics.
C) can be tested against the facts.
D) cannot be tested against the facts.
C
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The Organization of Petroleum Exporting Countries (OPEC) is an example of
A. a price leadership system. B. a generally unsuccessful cartel. C. an organization devoted to tacit collusion. D. a successful cartel.
If the marginal propensity to consume is 6/7, then the multiplier is 7
a. True b. False Indicate whether the statement is true or false
In the United States, the use of fiscal policy tools to stabilize the economy gained prominence during:
A. the depression era. B. the Kennedy administration. C. the Reagan administration. D. the Clinton administration.
Antitrust laws are essentially:
A. Anti-monopoly B. Anti-banking C. Anti-finance D. Anti-competition