The Organization of Petroleum Exporting Countries is an example of:
a. a price leadership system
b. a trade group whose members have yet to influence the world price of oil, despite repeated attempts to collude.
c. a successful monopoly.
d. a periodically successful cartel.
d
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Nonparticipants in the labor force include those who are classified as unemployed
Indicate whether the statement is true or false
An efficient tax system is one that (i) maximizes tax revenues. (ii) minimizes deadweight losses from taxes. (iii) minimizes administrative burdens from taxes. (iv) promotes equity across taxpayers
a. (i) only b. (ii) and (iii) only c. (i), (ii), and (iii) only d. (i), (ii), (iii), and (iv)
When an economy achieves economic efficiency, it:
A. is beyond a Pareto optimal position. B. is at a Pareto optimal position. C. may or may not be at a Pareto optimal position. D. is below a Pareto optimal position.
The following figure shows the production-possibility curves of Canada (AB) and the rest of the world (CD). I1 and I2 are community indifference curves for Canada and the rest of the world. Before Canada entered into trade with the rest of the world, the total amount of cotton produced in the world was ________ bales and the total amount of wheat produced in the world was ________ bushels.
A. twenty-four; sixteen B. twenty-four; nineteen C. eighteen; twenty-four D. nineteen; twenty-four