When OPEC reduces output to keep prices high, OPEC is acting as a:
A. producer moving along a supply curve, cutting output as price falls.
B. producer in a contestable market.
C. price taker.
D. cartel.
Answer: D
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The Public Company Oversight Board oversees accounting regulation in the United States
Indicate whether the statement is true or false
Suppose that X and Y are complementary goods. If the price of good X decreases, we can expect the:
a. demand for good X to increase. b. quantity demanded of good Y to decrease. c. quantity demanded of good Y to increase. d. demand for good Y to decrease. e. demand for good Y to increase.
Which of the following is true?
a. in recent decades, the rich countries of the world have consistently grown more rapidly than poor countries. b. no LDC was able to achieve a more rapid growth rate than the United States during the 1980 through 2005 period. c. during recent decades, most LDCs have stagnated economically. d. during 1980 through 2005, the fastest growing countries in the world were mostly LDCs.
England has an absolute advantage in the production of
A. neither good and Spain has an absolute advantage in the production of both goods. B. both goods and Spain has an absolute advantage in the production of neither good. C. cheese and Spain has an absolute advantage in the production of bread. D. bread and Spain has an absolute advantage in the production of cheese.