_________ collusion can occur even when oligopolistic businesses do not directly communicate with each other.
A. Explicit
B. Marginal
C. Ordinary
D. Implicit
Answer: D
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If people believe that prices are going to be higher in the future then they are today, they will
a. wait until the future to purchase the things they wand b. decrease their demand now c. increase their demand now d. increase their supply now e. save more today so they have the income to buy more in the future
For a competitive firm,
a. total revenue equals average revenue. b. total revenue equals marginal revenue. c. total cost equals marginal revenue. d. average revenue equals marginal revenue.
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.
Suppose an economist is analyzing the impact of a budget deficit used to finance a significant infrastructure project that will pay significant dividends in the coming years. That economist will focus on
A. strictly the inflation-adjusted amount borrowed. B. strictly the amount borrowed. C. both the ratio of the deficit to GDP and whether what is purchased with the borrowed money will produce enough gains to be worth that borrowed. D. strictly the ratio of the deficit to GDP