In order to maintain high prices, a cartel must get its members to
A. develop new sources.
B. leave production unchanged.
C. reduce production.
D. increase production.
Answer: C
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To fight inflation, the government may
A. decrease aggregate demand, which will also lead to lower unemployment rates. B. increase aggregate demand, which will also lead to lower unemployment rates. C. increase aggregate demand, which will also lead to higher unemployment rates. D. decrease aggregate demand, which will also lead to higher unemployment rates.
In cities with rent controls, the actual rents paid can be ________ than the legal maximum. One explanation for this is because there is a ________ of apartments, tenants are ________
A) higher; surplus; often forced to pay rents higher than the law allows B) lower; shortage; rarely willing to pay rents lower than the law allows C) lower; surplus; never willing to pay rents below the legal maximum D) higher; shortage; often willing to pay rents higher than the law allows
In response to an increase in technology, we would expect
a. both the short run and long run Phillips curve to shift to the right. b. both the short run and long run Phillips curve to shift to the left. c. the long run Phillips curve remains unchanged while the short run Phillips curve shifts to the right. d. the short run Phillips curve remains unchanged while the long run Phillips curve shifts to the right. e. none of the above.
When equilibrium GDP is below potential GDP, jobs are
a. plentiful and unemployment is low. b. plentiful and unemployment is high. c. scarce and unemployment is high. d. scarce and unemployment is low.