If two or more oligopolistic companies work together to keep their prices high and split the market between them, this is called
A. collusion.
B. profit splitting.
C. market sharing.
D. perfect competition.
Answer: A
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Refer to Figure 1A.1. Assume that the graph in this figure represents the demand and supply curves for walnuts. An advance in production technology which makes harvesting walnuts less time consuming would be represented by a shift from
A) Demand 1 to Demand 2. B) Demand 2 to Demand 1. C) Supply 1 to Supply 2. D) Supply 2 to Supply 1.
The combined GDP of developing countries constitutes approximately
a. 5 percent of global GDP. b. 20 percent of global GDP. c. 30 percent of global GDP. d. 40 percent of global GDP.
Under perfect capital mobility, fiscal policy has the largest impact on the income under:
a. fixed exchange rates. b. floating exchange rates. c. dollarization. d. a currency union.
Which of the following variables is used to measure economic growth?
A) nominal GDP B) nominal GDP per capita C) real GDP D) real GDP per capita