According to "Oil Spikes On OPEC Pact," OPEC wants to behave like a monopoly, choosing a rate of industry output that maximizes total industry profit. The challenges for all cartels, OPEC in particular, include all of the following except
A. Replicating monopoly outcomes.
B. Coordination.
C. Allocating market share.
D. Preventing some members from decreasing production.
Answer: D
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Growth rates in labor productivity
(a) increased in the 1970s. (b) slowed across all employment sectors, with some experiencing more severe drops than others. (c) decreased across all employment sectors at the same rate. (d) were largely stagnate.
Keynes assumed consumption is
A) inversely related to the rate of interest. B) directly related to disposable income. C) directly related to investment. D) less than disposable income. E) both b and d
Name the 6 pillars of free enterprise.
What will be an ideal response?
The price elasticity of demand measures the responsiveness of the quantity:
a. demanded to changes in product quality. b. demanded to changes in income. c. demanded to changes in price. d. of supply to changes in demandf