Which of the following will reduce the likelihood of effective collusion among oligopolistic producers?
a. low entry barriers into the market
b. a production of a homogenous product
c. a stable market demand for the product
d. a highly inelastic market demand for the product
A
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The existence of a universal law of scarcity creates pressures on societies to
A. use their resources according to government plans. B. economize in the use of their resources. C. allocate their resources equitably. D. exploit their resources.
Use the following table to answer the next question.YearNominal GDPReal GDPPrice Index15,2004,800--25,500--11235,7505,000--What is the Consumer Price Index in year 1?
A. 105.2 B. 111.5 C. 108.3 D. 109.6
Between 1965 and 1972, eight major pieces of consumer-protection legislation were enacted. This burst of legislative activity was largely driven by
a. increased public fears following the thalidomide tragedy. b. public outcry following a series of steamboat explosions. c. a general lack of faith in the market. d. widespread support for the "Reagan Revolution.".
A decrease in AS will trigger less inflation under which of the following conditions?
A. AD is relatively steep. B. AD is relatively flat. C. AS is relatively steep. D. AS is relatively flat.