A cartel arrangement is likely to be successful for its members only if it can
A) assign sales to specific members.
B) keep new firms from entering the industry.
C) prevent firms not in the cartel from marketing close substitutes.
D) do all of the above.
D
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The time it takes for policy makers to be sure of what the data are signaling about the future course of the economy is called
A) the data lag. B) the recognition lag. C) the legislative lag. D) the implementation lag. E) the effectiveness lag.
In the four decades from 1860 to 1900, the U.S. population nearly tripled. Real Gross Domestic Product (GDP)
(a) fell by more than the amount by which the population increased. (b) fell by the same amount by which the population increased. (c) rose at about the same rate as the population increase. (d) increased by even more than the population increase.
Costs that accrue to the total population are called ____ costs. Costs incurred by the producer or consumer who makes the decision are called ____ costs
a. negative; positive b. social; private c. private; social d. positive; negative
Suppose the South had won the Civil War, and trade no longer took place between Northern and Southern states. Explain whether the sum of the North and South GDPs would have been higher or lower than with the current United States