The Organization of Petroleum Exporting Countries (OPEC) is an example of a(n)
A) oil monopoly.
B) cartel.
C) competitive arrangement.
D) prisoner's dilemma.
B
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The use of government regulations and barriers in order to control trade is referred to as:
A) globalization. B) protectionism. C) liberalization. D) actualization.
Bank panics have largely disappeared in the United States because
A) banks are now required to hold a larger fraction of deposits as reserves. B) of low interest rates. C) bank loans are more closely monitored by the Federal Reserve. D) of deposit insurance.
A cartel is:
A. a duopoly with more than two firms. B. a firm that always has a dominant strategy. C. a number of firms who collude to make collective production decisions about quantities or prices. D. the "leader" of an industry, typically the firm with the largest market share.
According to Keynes, during extreme times like deep recessions, which group is the only one possessing the power and resources to move aggregate demand?
a. Consumers b. Producers c. Government d. Investors