Cartels that set prices and allocate sales among their member firms were commonly referred to in the late 19th century as
A. conglomerates.
B. trusts.
C. monopolies.
D. multinationals.
B. trusts.
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Refer to Figure 4.8. This game will end up with
A) everyone at the beach. B) everyone at the park. C) half of your friends at the beach and half at the park. D) either a or b
Explain why rational expectations theorists do not support government intervention to alleviate unemployment. Explain their views on the effectiveness of fiscal and monetary policy
For a given level of reserves, an increase in the reserve requirement ratio will
A) decrease legal reserves and decrease the money supply. B) increase legal reserves and decrease excess reserves. C) increase legal reserves and increase excess reserves. D) increase excess reserves and increase the money supply.
Refer to Figure 23.6 for a perfectly competitive firm. Assuming that points A, B, C and D are all above AVC, this firm will maximize profits by producing the level of output that corresponds to point
A. C. B. D. C. A. D. B.