The text refers to OPEC as a classic example of a cartel. OPEC is a group of countries that collude to control prices and output in the _______ industry(ies)
a. agriculture
b. engineering and computer
c. airline
d. oil
e. machinery
D
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Contrary to popular belief, the richest families in the United States became slightly poorer in recent years
a. True b. False Indicate whether the statement is true or false
Assume the demand curve for shampoo is downward sloping. If the price of shampoo falls from $1.50 to $1.25 per dozen,
a. the demand for shampoo will fall. b. the demand for shampoo will rise. c. a larger quantity of shampoo will be demanded. d. a smaller quantity of shampoo will be demanded.
As shown in Exhibit 3, what is the total welfare from imports experienced by consumers and producers after free trade is allowed?
a. d
b. b + d
c. a + b + d
d. a + b + c + d
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A