Cartel pricing refers to the output and price choice of a cartel. This choice most closely resembles that of a:
a. b or d
b. godfather oligopoly.
c. duopoly.
d. monopoly.
e. more competitive industry.
d
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In a two-good world consider a small country whose trade follows the Heckscher-Ohlin theory. Discuss the implications of the Rybczynski theorem when the country's endowment of only one of two factors of production increases.
What will be an ideal response?
An economy has two workers, Jen and Rich. Everyday they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Jen to produce one radio?
A. 1/5 TV B. 10 TVs C. 5 TVs D. 1/10 TV
If the federal government increases the amount of Social Security benefits for retired persons, then the
A. consumption schedule will shift upward. B. aggregate demand curve will shift outward. C. effect on equilibrium GDP will be the same as a cut in taxes. D. All of the above are correct.
The Federal Reserve econometric model estimates that it takes __________ for crowding out to reduce the impact of a 1 percent increase in government spending, with the money supply held constant, to zero
A) 2 years B) 3 years C) 4 years D) Crowding out never reduces the impact to zero.