If two steel firms merge, the merger is described as
a. a horizontal merger
b. a vertical merger
c. a conglomerate merger
d. either a vertical or conglomerate merger depending on whether the oligopoly is balanced or unbalanced
e. either a vertical or conglomerate merger depending on the number of steel firms in the steel industry
A
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Better health allows people to work harder, which raises a country's total income. This indicates that in effect, better health
A) shifts out a country's production possibilities frontier. B) is a primary cause of price increases. C) increases consumer surplus. D) reduces the incentive to work.
Which of the following suggests that private markets can be effective in dealing with externalities?
a. the "invisible hand" b. the law of diminishing social returns c. the Coase theorem d. technology policy
A mixed market is one in which:
A. consumers can be buyers and sellers and producers can be sellers and buyers. B. there are different qualities of a good being sold in the market and there is imperfect information about the quality of each good. C. a seller of a good requires that the purchase of one good be tied to the purchase of another. D. demand is positively sloped and supply is negatively sloped.
When inflation suddenly increases, ARMs
A. Protect borrowers against the effects of inflation. B. Maintain a stable real interest rate. C. Protect the purchasing power of workers' wages. D. Protect against rising real interest rates.