In the U.S., one example of a cartel that is legal is
A) the railroads, including Union Pacific.
B) the oil industry.
C) Major League Baseball.
D) None, all cartels are prohibited.
C
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By making infrastructure improvements, the government would change the Misery Index by:
A. Raising the unemployment rate and raising the inflation rate. B. Raising the unemployment rate but lowering the inflation rate. C. Lowering the unemployment rate and lowering the inflation rate. D. Lowering the unemployment rate but raising the inflation rate.
The accompanying figure shows the annual production possibilities curve for a small country that is open to trade with the rest of the world. Suppose the world price of cashews is $12 per pound, and the world price of mangos is $4 per pound. As indicated in the figure, at these prices, this country will produce 21,000 pounds of mangos and 5,000 pounds of cashews each year.
At this country's current level of production, what is the opportunity cost of a pound of mangos in terms of cashews?
A. 21/5 pounds of cashews B. 3 pounds of cashews C. 1/3 pounds of cashews D. 5/21 pounds of cashews
Which of the following statements is true?
A. Demand-pull inflation is caused by insufficient total spending. B. Cost-push inflation is caused by an increase in resource costs. C. If nominal interest rates remain the same and the inflation rate rises, real interest rates increase. D. If real interest rates are positive, lenders incur losses.
The monetary rule is the view of the:
A. Keynesians that monetary policy is most important. B. Monetarists that monetary policy is most important. C. Classical economists that monetary policy is most important. D. Monetarists that the Fed should expand the money supply at a constant rate.