Which of the following increases the speed at which a cartel's power erodes?
A. The share of the cartel in the world market increases.
B. The price elasticity of competing supplies decreases.
C. The cartel agreement is more stringent in imposing penalties on the members who cheat.
D. The product's price elasticity of demand increases.
Answer: D
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Figure 34-9
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In Figure 34-9, Pestoland at price OA
A. is importing MN pasta from Pastaland. B. is exporting MN pasta to Pastaland. C. is exporting XY pasta to Pastaland. D. is exporting OZ pasta to Pastaland.
Which of the following programs to alleviate poverty would be most favored by philosopher Robert Nozick and why?
a. A negative income tax because it would maximize the minimum income of members of society. b. An Earned Income Tax Credit (EITC) because a policy that rewards the working poor would be the most just. c. An in-kind transfer program because it would maximize the total utility of all members of society. d. None of the programs would be favored because each of them forcibly redistributes income that was fairly, if not equally, earned.
The theory of consumer choice most closely examines which of the following Ten Principles of Economics?
a. People face trade-offs. b. Governments can sometimes improve market outcomes. c. Trade can make everyone better off. d. Markets are usually a good way to organize economic activity.
When an investment project generates output that is valued more highly than the value of the resources required for its production,
What will be an ideal response?