If an up-scale jewelry maker sells its products to retailers with the explicit condition that the retailers may not resell the products below a specified price, this is an example of ________.
A) monopolization
B) market division
C) price fixing
D) resale price maintenance
D) resale price maintenance
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Since 2010, the federal funds rate has been well below the rate suggested by the Taylor rule. A likely explanation for the discrepancy is that ________
A) the Fed's dual mandate prevents a close reliance on the Taylor rule B) policy makers decided that instability of the coefficients prevents the Taylor rule from having any role in policy decisions C) in the past, adherence to the Taylor rule led to policy mistakes D) all of the above E) none of the above
A customs union is an organization of nations whose members:
a. have impenetrable trade barriers among themselves but impose no trade barriers on nonmembers. b. have no trade barriers among themselves but impose common trade barriers on nonmembers. c. have no trade barriers among themselves but each member country chooses its own trade policies with nonmember countries. d. retaliate each other by raising reciprocal tariffs and calling for fair trade. e. neither have trade barriers among themselves nor impose any restriction on the nonmember countries.
When marginal cost is greater than average cost, average cost is
a. rising. b. falling. c. constant. d. The direction of change in average cost cannot be determined from this information.
In a country with a working-age population of 30 million, 18 million are employed, 2 million are unemployed and 2 million of the employed are working part-time, half of whom wish to work full-time. The labour force participation rate is
A) 60 percent. B) 66.7 percent. C) 53.3 percent. D) 73.3 percent E) none of the above.