Collusion among firms to form a cartel refers to
a. joint ventures in producing new goods, such as France and England colluding to produce the European Airbus as a viable competitor to the U.S. Boeing's 747
b. joint ventures between business and government, such as the exploration of space
c. joint ventures between a domestic firm and a foreign firm, such as in the mega-movies of the entertainment world
d. the practice among firms of preventing other firms from entering the industry
e. the practice among firms of agreeing to abide by the group decision on price and output
E
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Recall from your reading of the text: Which game or sport contains the same strategic elements as the management of a firm in oligopoly?
a. darts b. 50 meter hurdles c. chess d. speed skating e. solitaire
An increase in population growth in a country
A. may not necessarily cause an increase in per capita real Gross Domestic Product (GDP). B. may not cause an increase in labor resources in rich countries because employers will cut down on the number of hours required of workers. C. will always cause an increase in per capita real Gross Domestic Product (GDP). D. always causes an increase in labor resources.
Under the floating exchange-rate system, a fall in the market price of a currency is called
A. revaluation. B. devaluation. C. appreciation. D. depreciation.
Related to the Economics in Practice on p. 455: The Consumer Price Index in the United States was 207.3 in 2007, 215.3 in 2008 and 214.5 in 2009. If a retiree's pension is tied to the CPI, her monthly pension check would have ________ from 2007 to 2008, and ________ from 2008 to 2009.
A. increased; decreased B. decreased; increased C. decreased; decreased D. increased; increased