In a game of bargaining, those who ________ will likely get the highest payoff.
A. are patient
B. are cooperative
C. collude
D. have a commitment strategy
Answer: A
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Agreements among competing sellers to maintain a certain minimum price or to divide up the market in a particular way
A) are evidence of a cooperative rather than competitive spirit in business. B) are illegal under federal law where it is applicable. C) benefit business firms and their customers, but at the expense of employees. D) increase the number of job opportunities in the economy.
Which of the following U.S. antitrust laws prohibits mergers through the acquisition of a firm's stock if the merger would lessen competition?
a. the Sherman Antitrust Act b. the Clayton Act c. the Robinson-Patman Act d. the Celler-Kefauver Anti-Merger Act e. the Federal Trade Commission Act
When economists say scarcity, they mean:
a. there are only a limited number of consumers who would be interested in purchasing goods. b. the human desire for goods exceeds the available supply of time, goods and resources. c. most people in poorer countries do not have enough goods. d. goods are so expensive that only the rich can afford it.
Rapid population growth leads to age dependency which refers to:
a. a reduction in the amount of capital per worker, which lowers the productivity of labor. b. shifts in government expenditures from the country's infrastructure to education and health care. c. a large number of dependent children whose consumption requirements lower the ability of the economy to save. d. high mortality rates of middle-aged workers that reduces the average amount of investment spending. e. survival of the elderly who are dependent on government welfare support.