Economic choice and competitive behavior are the result of
a. basic human greed.
b. poverty.
c. private ownership of resources.
d. scarcity.
D
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With barriers to the entry of new firms
A) a cartel is guaranteed to earn an economic profit greater than zero. B) a cartel's members have no incentive to cheat. C) the cartel will likely earn an economic profit greater than zero. D) industry supply will expand if the firms form a cartel.
An international organization created at the Bretton Woods conference in 1944 that helps coordinate international financial flows and can arrange short-term loans between countries is called the:
A) World Bank. B) International Monetary Fund. C) U.S. Treasury. D) U.S. Agency for International Development.
The spectrum of market structures, aligned from the least to the greatest number of firms, spans
a. monopoly to duopoly b. monopoly to oligopoly c. monopoly to triopoly d. monopoly to perfect competition e. monopolistic competition to oligopoly
Which of the following assumptions is common to both New Trade Theory and the model of intra-industry trade?
a) trade is a zero-sum game b) production exhibits increasing returns to scale c) firms behave cooperatively rather than competitively d) exchange rates adjust to offset the effects of tariffs e) in the long run, exports equal imports