If a company that drilled for and produced oil acquired a firm which refined oil into gasoline, this would be referred to as a
A) horizontal merger.
B) vertical merger.
C) conglomerate merger.
D) reverse merger.
Answer: B
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If disposable income increases by $100 million, and consumption increases by $90 million, then the marginal propensity to consume is
A) 0.9. B) 0.8. C) 0.75. D) 0.6.
The study of factors that influence both international and interregional trade is referred to as
A) accidents of history. B) economic geography. C) factor abundance theory. D) weather analysis. E) centralized optimization.
In discussing the distribution of income among families, the term “lowest fifth” indicates
a. the poorest five percent of families. b. the poorest twenty percent of families. c. the smallest twenty percent of families. d. the percentage of families receiving one-fifth of the income.
When aggregate economic activity is declining, the economy is said to be in
A) a contraction. B) an expansion. C) a trough. D) a turning point.