The greatest global redistribution of income ever recorded occurred in the 1970s as a direct result of
a. a worldwide drop in food prices
b. the OPEC cartel
c. growing international oligopoly
d. a shift from balanced to unbalanced oligopoly
e. a shift from price leadership to kinked demand curve oligopoly
B
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Which of the following is a barrier to entry?
A. Close substitutes B. Infrastructure costs C. Diminishing marginal returns D. Buyers' incomes
Through war, many of the factories in country 1 are destroyed and many of its people are killed. As a result, the country's
A) production possibilities frontier (PPF) after the war has probably shifted to the right compared to its PPF prior to the war. B) PPF after the war has probably shifted to the left compared to its PPF prior to the war. C) PPF after the war is probably the same PPF as before the war. D) ability to produce goods and services has increased. E) b and d
Near an ocean beach, a high-rise building is being constructed that will block the scenic view of the ocean by the residents of a low-rise building. The Coase theorem suggests that this type of dispute between the owners of high-rise and low-rise buildings would best be resolved by:
A. city government officials. B. a government fine for the builder of the high-rise. C. a zoning ordinance restricting high-rise buildings. D. the owners themselves.
If economic profits are earned in a competitive market, then over time
A. Normal profit will fall to zero as more firms enter. B. The market supply curve will shift to the left. C. Equilibrium price will rise as more firms enter. D. Additional firms will enter the market.