A cartel is a group of firms that acts as if it were a monopoly and produces where MR = MC for the industry
Indicate whether the statement is true or false
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Mass production was made possible by mass consumption, a national market and international trade
Indicate whether the statement is true or false
Which of the following is true of the federal budget process in the U.S.? a. Congress must approve a budget with at least a two-thirds majority vote
b. The federal budget must be balanced each year because the volume of international trade reduces if the government has a surplus or a deficit. c. Most federal outlays are determined by existing laws. d. Congress approves a budget that separates the capital budget and the operating budget. e. Detailed budgeting allows the party in power to reward supporters.
Which of the following best represents the effects of a decrease in the price of belts, other things being equal?
a. An upward movement along the demand curve for belts. b. A downward movement along the demand curve for belts. c. A rightward shift in the demand curve for belts. d. A leftward shift in the demand curve for belts.
Comparisons of GDP levels across countries are least accurate when:
A. prices differ across countries and nonmarket activities are a large part of total economic activity. B. purchasing power parity prevails. C. prices differ across countries. D. nonmarket activities are a small part of total economic activity.