Informal collusion to restrict output and increase prices is sometimes referred to as a:
A. Merger
B. Cartel
C. Tacit understanding
D. Kinked-demand oligopoly
C. Tacit understanding
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According to the rational expectations hypothesis, the occurrence of unemployment is due to
A. downwardly rigid wages. B. imperfect information. C. unpredictable shocks. D. a deficient level of aggregate demand.
All of the costs associated with making and enforcing contracts are referred to as
A. alternative costs. B. marginal costs. C. opportunity costs. D. transactions costs.
The difference in the price the buyer pays and the price the sellers keep in the presence of a tax is called:
A. a tax differential. B. a tax wedge. C. the tax incidence. D. the tax burden.
In the United States, real interest rates were
a. high in the 1970s and 1990s. b. low in the 1970s and 1990s. c. high in the 1970s and low in the 1990s. d. low in the 1970s and high in the 1990s.