An association of producers in an industry that agree to set common prices and output quotas to prevent competition is
A. a cartel.
B. a monopolistic competitor.
C. a constrained monopoly.
D. an oligopolist.
Answer: A
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A cartel is
A. always successful in raising profits. B. a formal agreement among firms to collude. C. a form of covert collusion. D. legal in the United States.
The base year is 2011. A country only produces Blu-ray players. The price of a Blu-ray player in 2011 was $100. The price of a Blu-ray player was $90 in 2012
The quantity of Blu-ray players produced in 2011 was 10,000 units and in 2012 was 10,500 units. Nominal GDP in 2012 equals A) $945,000. B) $1,000,000. C) $1,050,000. D) $900,000. E) an amount that cannot be determined without information about nominal GDP in 2008.
International trade can have important effects on the distribution of income because
A) some resources are immobile in the short run. B) of government corruption. C) the more powerful country dictates the terms of trade. D) rich countries take advantage of poor countries. E) different countries use different currencies.
Over-fishing of common fishing grounds happens because fishing grounds are a common property and social and private incentive are the same
Indicate whether the statement is true or false