A reason why agricultural cartels are not as effective as the Organization of Petroleum Exporting Countries (OPEC) is that non-member countries can
A. increase their supply of crops but not their oil supply.
B. decrease their oil supply but not their supply of crops.
C. increase their oil supply but not their supply of crops.
D. decrease their supply of crops but not their oil supply.
Answer: A
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Who said our economy "seems capable of remaining in a chronic condition of subnormal activity for a considerable period without any marked tendency either toward recovery or toward complete collapse"?
A. David Ricardo B. Jean Baptiste Say C. Wassily Leontief D. John Maynard Keynes
Differences in price levels
A) explain well actual exchange rate movements. B) are not capable of explaining well actual exchange rate movements, particularly in the short run. C) have been small for most countries in the post-World War II period. D) only can be explained by the fact that little foreign trade actually takes place.
All of the following are costs of expected inflation except
A) seigniorage. B) menu costs. C) velocity costs. D) tax distortions.
A unit of account is
A) a bank account. B) a savings account. C) a common measurement in which values are expressed. D) the same as a medium of exchange. E) none of the above