In a cartel, firms jointly act as
A. a perfectly competitive firm.
B. a monopolistic competitive firm.
C. a monopoly firm.
D. an oligopolistic firm.
Answer: C
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Which factor of production is paid "interest"?
A) land B) labor C) capital D) entrepreneurship E) human capital
Other things constant, if the demand for a final product is quite elastic, the demand for a resource used to produce the product will tend to be
a. highly inelastic. b. of unitary elasticity. c. a curve sloping upward to the right. d. quite elastic as well.
Every government has its own set of policies to govern the economy such as:
A. labor standards. B. environmental regulations. C. safety policies. D. All of these are true.
An example of nondiscretionary fiscal policy would be
A. an interest rate cut implemented to stimulate consumption. B. a federal jobs program adopted to stimulate consumption. C. a tax cut adopted to stimulate consumption. D. the existence of the progressive federal income tax.