The primary objective of a cartel is to:
A) maximize the amount of profit received by each member of the organization.
B) maximize the joint profits of the members of the organization.
C) ensure each member of the organization some minimum amount of profit.
D) maximize the average profits of the members of the organization.
B
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Because oil price increases reduce the consumption of oil, this discourages exploration for new sources of oil
Indicate whether the statement is true or false
In a private closed economy, when aggregate expenditures equal GDP:
A. consumption equals investment. B. consumption equals aggregate expenditures. C. planned investment equals saving. D. disposable income equals consumption minus saving.
Refer to the data. The value for Z is:
A. -5.
B. +5.
C. -10.
D. zero.
If the U.S. enjoys an absolute advantage in agriculture compared to every other country in the world, then
A. agricultural production will take place only in the U.S. B. the U.S. necessarily has a comparative advantage in agriculture. C. the U.S. may or may not have a comparative advantage in agriculture. D. the U.S. necessarily does not have a comparative advantage in agriculture.