Which of the following represents an example of a major cartel in global markets?
a. The Organization of Wheat and Corn Exporting Countries (OWCEC)
b. The Organization of Petroleum Exporting Countries (OPEC)
c. The Brotherhood of Scrap Iron Exporting Countries (BSIEC)
d. The Amalgamated Association of Alfalfa Producing Countries (AAAPC)
b
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Discuss the advantages and disadvantages of proprietorships
What will be an ideal response?
The size of the spending multiplier depends on the level of real GDP
a. True b. False Indicate whether the statement is true or false
If the economy is in a recessionary gap, and the government attempts to balance the budget, the effect will be to
a. counteract the recession. b. worsen and prolong the recession. c. end the recession sooner. d. increase the level of real GDP.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20 B. more than 20 C. fewer than 20 D. exactly 90