A group of firms that has entered into an agreement to restrict output and increase prices and profits is called
A) a compliance.
B) a cartel.
C) an oligopoly.
D) a duopoly.
E) a multi-firm monopoly.
B
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The set of skills, knowledge, experience, and talent that determine people's productivity as workers is called:
A. physical capital. B. investment. C. human capital. D. educational training.
If a government managed to reduce the time inconsistency problem by mandating that the central bank target inflation at a low rate, then
a. the long-run Phillips curve would shift right. b. the long-run Phillips curve would shift left. c. the short-run Phillips curve would shift up. d. the short-run Phillips curve would shift down.
Refer to Scenario 19.4 below to answer the question(s) that follow. SCENARIO 19.4: Suppose demand for widgets is given by the equation P = 10 - 0.25Q. Originally, the price of the good is $5 per unit. When a tax of $1 per unit is imposed, the price of the good rises to $6 per unit.Refer to Scenario 19.4. What is the total burden of the tax?
A. $2 B. $18 C. $32 D. $50
Economic growth may occur when
A. technology remains unchanged but unemployment increases. B. a society acquires new resources. C. a society decides to produce less using existing resources. D. the society begins to produce the combination of goods society wants most.