To function as a monopoly, OPEC and other cartels rely on __________ among members
Fill in the blank(s) with correct word
cooperation
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Consider the income and substitution effects corresponding to an increase in the price of X. Which of the following are not possible?
a. The substitution effect on X is positive and the income effect is negative. b. The substitution effect on X is positive and the income effect is negative. c. The substitution effect on Y is negative and the income effect on X in negative. d. The income effect on both goods is positive.
If the dollar-yen exchange rate changes from $1 = 125 yen to $1 = 100 yen, then
a. exports to Japan will likely decrease. b. Japanese tourists will be more likely to visit the United States. c. U.S. businesses will be more likely to use Japanese shipping lines to transport their products. d. U.S. consumers will be more likely to buy Japanese-made automobiles.
Friedman and Phelps argued
a. that in the long run, monetary growth did not influence those factors that determine the economy's unemployment rate. b. that the Phillips curve could be exploited in the long run by using monetary, but not fiscal policy. c. that the short-run Phillips curve was very steep, but not vertical. d. that there was neither a short-run nor long-run tradeoff between inflation and unemployment.
If the entrepreneur is also the manager of the firm, we would expect
A) the manager to work hard because he or she is also the residual claimant. B) the manager to not work hard since there is no possibility of further advancement. C) the firm to operate poorly because the specialization of labor is not adequate. D) the firm to operate poorly because the entrepreneur is not as good at managing workers as a professional manager would be.