A formal agreement among the firms in an industry to coordinate their production and pricing decisions in order to earn monopoly profits is known as
a. price discrimination
b. the kinked demand curve
c. monopolistic competition
d. a cartel
e. joint competition
D
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In the United States, the wealthiest 10 percent of households own about ________ of total wealth
A) 40 percent B) 66 percent C) 90 percent D) 55 percent
The above figure represents the market for teenage workers at fast-food restaurants in Kansas City
a) What is the equilibrium wage rate and employment? b) Describe the market at a wage rate of $6 per hour. c) Describe the market at a wage rate of $12 an hour. d) How would an increase in the number of young, married college graduates, who tend to eat at fast-food restaurants, affect the figure, the equilibrium wage rate, and employment?
A surplus in our balance of payments causes the dollar to __________, which causes the surplus to __________
A) appreciate; increase B) appreciate; decrease C) depreciate; increase D) depreciate; decrease
Which of the following statements best describes antebellum immigration to the U.S.?
a. Immigration peaked in the 1820s and slowly decreased through the Civil War. b. Immigration in the late 1840s and 1850s were primarily "pulled" to the US by the attractive opportunities available here. c. Immigration from England was relatively constant over time compared to the immigration rate from other nations. d. Large scale German immigration occurred primarily in the early part of this period.