A cartel is defined to be
A) any oligopolistic industry with fewer than 4 firms.
B) a form of oligopoly in which firms agree to sell at different prices like in monopolistic competition.
C) a form of oligopoly in which firms formally agree to establish a common strategy, often a common price, in effect acting like a monopoly.
D) a form of oligopoly in which firms agree to compete with each other on an equal basis.
C
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The Land Ordinance of 1787 provided that a state would be admitted to the Union when its population reached:
a. 5,000. b. 30,000. c. 60,000. d. 100,000.
Foreign income is defined to be income earned:
A. by a nation’s firms when they operate abroad. B. when a domestic citizen works abroad. C. on investments made abroad. D. by those living outside a country.
Which of the following determines the quantity demanded of a commodity?
a. The income levels of consumers b. The price of the commodity c. The prices of related commodities d. The number of buyers e. Consumers' expectations
Making more frequent, but smaller cash withdrawals from banks ________ the inflation losses from holding cash and ________ the shoe leather costs of inflation.
A. reduces; increases B. increases; increases C. reduces; has no impact on D. increases; reduces