An association of producers such as OPEC that agrees to set common pricing or output goals is referred to as a
A) cartel.
B) conglomerate.
C) monopoly.
D) partnership.
A
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Government-imposed limits on price movements are likely to
A. increase economic efficiency. B. decrease economic efficiency. C. leave economic efficiency unchanged. D. promote economic growth in the economy.
Which of the following is false? a. The unemployment rate is the number of people officially unemployed divided by the civilian labor force. b. The labor force includes those people over the age of 14 who are either employed or unemployed
c. Discouraged workers, who have not actively sought work for four weeks are not counted as unemployed; instead they fall out of the labor force. d. Some people working overtime or extra jobs might be considered to be overemployed.
The group within the Federal Reserve System that determines the general course for the nation's money supply is the
a. Federal Monetary Oversight Committee b. Federal Advisory Council c. Board of Governors d. Department of Commerce e. Federal Open Market Committee
In a competitive market, if the market price is equal to the minimum point of the firm's ATC curve, the firm may seek to earn economic profits by
A. Decreasing production costs through technological improvements. B. Decreasing price. C. Producing at the rate of output where price equals demand. D. Increasing price.