An example of overt collusion is
a. a cartel.
b. price leadership.
c. tacit collusion.
d. a perfectly contestable market.
a
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After World War II, the United States has pursued a broad policy of
A) strengthening "Fortress America" protectionism. B) removing barriers to international trade. C) isolating Iran and other members of the "axis of evil." D) protecting the U.S. from the economic impact of oil producers. E) restricting trade of manufactured goods.
Studies show that the demand curve for peas has shifted. Which of the following explanations would you reject first?
a. The price of string beans has changed. b. The demand for corn has changed. c. The demand for string beans has changed. d. The income of consumers has changed. e. The price of peas has changed.
Long-term economic ___________ is illustrated in the AD/AS framework by a gradual shift of the aggregate supply curve to the right.
a. growth b. decline c. stagnation d. stagflation
The main policy conclusion of the rational expectations theory is
a. fiscal policy lags are so long and variable that such policy is worthless, but monetary policy can stimulate output. b. monetary policy lags are so long and variable that such policy is worthless, but fiscal policy can stimulate output. c. both monetary and fiscal policy will affect real output if firms and households correctly anticipate the effects of changes in government policy. d. neither monetary nor fiscal policy will affect real output if firms and households correctly anticipate the effects of changes in government policy.