Which of the following is NOT true about a cartel?
A. Members experience large economies to scale relative to industry demand.
B. Members of a cartel will have production quotas.
C. Members earn economic profits.
D. Cartels will set common prices for their members.
Answer: A
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All of the following are true about the Wagner Act of 1935 except that it
a. prohibited unfair labor practices by unions b. was the most important piece of labor legislation in United States union history c. established that firms must accept unions as legitimate institutions in collective bargaining d. guaranteed the union's right to conduct elections freely among workers e. is regarded by unions as their Magna Carta
Between the summer of 2005 and April 2008, the Chinese yuan ___ against the U.S. dollar
A. appreciated by 5% B. appreciated by 21% C. depreciated by 5% D. depreciated by 20%
When a nation's currency appreciates, it purchases ___ units of a foreign currency and its currency is said to__
a. fewer; strengthen b. more; strengthen c. fewer; weaken d. more; weaken
If interest rates are raised
A. people are not affected by interest rates being raised: only when interest rates are lowered. B. entrepreneurs are more likely to expand a business by borrowing money. C. people are less likely to save their money in banks. D. entrepreneurs are less likely to borrow money and expand their businesses.