The Organization of Petroleum Exporting Countries is a
A. professional trade association for oil companies.
B. cartel.
C. consortium for joint ventures in oil exploration.
D. loose collection of democracies that promote international pipelines.
Answer: B
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The real exchange rate is equal to the ________
A) nominal rate of exchange plus the domestic level of prices B) the nominal exchange rate minus the relevant foreign price level C) nominal exchange rate divided by the domestic plus foreign price levels D) nominal exchange rate times the domestic price level divided by the foreign price level
"If the amount of product differentiation in a monopolistically competitive industry is very small, the outcome in that market will not be very different than if it were a perfectly competitive industry." Explain.
What will be an ideal response?
When a bank makes a loan, the money supply:
A. may increase or decrease depending on how the loan is used. B. decreases. C. increases. D. does not increase.
Approximately how much of the income in the United States is earned by workers in the form of wages and fringe benefits?
a. 25 percent b. 50 percent c. 67 percent d. 90 percent