A cartel is
a. a group of oligopolists who try to behave like a single monopolist and split the benefits among themselves.
b. a government-approved organization for the exchange of technical information among firms.
c. a form of competition among oligopolists.
d. a regulated industry that is officially permitted to set the price of its product above long-run average total cost.
a
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When firms are faced with repeating games, such as the prisoner's dilemma, they:
A. are more likely to collude. B. are less likely to collude. C. will tend to act more like perfectly competitive firms. D. will be more likely to renege on agreements.
The value of a country's currency is likely to decline as a result of
A. higher inflation. B. higher interest rates. C. a trade surplus D. a favorable balance of payments
Which of the following will most likely occur in an economy if more money is demanded than is supplied?
A. The amount of investment spending will increase. B. Interest rates will decrease. C. Interest rates will increase. D. The demand curve for money will shift to the left. E. The demand curve for money will shift to the right.
In a fixed exchange rate system, a decrease in the exchange rate at which a currency is pegged is called a(n):
A. appreciation. B. devaluation. C. revaluation. D. depreciation.