To be successful, a cartel must
a. find a way to encourage members to produce more than they would otherwise produce.
b. agree on the total level of production for the cartel, but they need not agree on the amount produced by each member.
c. agree on the total level of production and on the amount produced by each member.
d. agree on the prices charged by each member, but they need not agree on amounts produced.
c
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Refer to Mexico and Japan. Can trade in food and cloth benefit Mexico and Japan?
a. It cannot benefit Japan, because Japan cannot successfully compete with Mexico.
b. It cannot benefit Mexico, because Japan is too small to be an effective trading partner.
c. It can benefit both only if the people in Mexico and Japan have different tastes.
d. It can benefit both if Mexico specializes in food and Japan specializes in cloth.
Which of these does not qualify as a "miscellaneous liability" of a bank?
A) borrowings from the Federal Reserve B) repurchase agreements C) borrowing from foreign branches D) large-sized negotiable CDs
In the long run, the entry of new firms into a competitive market is typically caused by
a. government regulation b. technological innovation c. inflation d. economic losses e. economic profit
What is the best definition of legal tender?
a. a medium of exchange that has been established through custom or tradition b. a medium of exchange that the government has officially declared to be money c. money that is in the form of metallic coins and printed paper d. money that is backed by the gold standard