_____________ occurs when circumstances have allowed several large firms to have all or most of the sales in an industry.
A. Collusion
B. A monopoly
C. An oligopoly
D. A cartel
Ans: C. An oligopoly
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Which of the following statements is true of British colonies set up in areas of Mexico, Guatemala, and Bolivia?
A) Most of the major political decisions were taken by the natives. B) The institutions set up were mostly inclusive. C) The natives had well-defined property rights. D) The natives were forced to work in mines and agricultural estates.
Hector's wealth is zero, he expects to work for another 45 years at a constant salary of $80,000 and live for another 60 years. Assuming taxes are zero, if Hector completely smooths consumption over his lifetime, his annual consumption is
A) $60,000. B) $62,222. C) $80,000. D) $106,667.
If a nation is selling more goods and services to foreigners than it is buying from them, then on net it must be selling assets abroad
a. True b. False Indicate whether the statement is true or false
As hourly wages have risen in the United States in the twentieth century, the number of hours of labor supplied by most wage workers has
A. fallen. B. stayed roughly constant. C. risen. D. generally risen, but has fallen during periods of recession.