A cartel is a(n)
a. form of explicit collusion in which the parties collectively behave like a monopoly
b. market that changes very little as firms enter and exit
c. implicit pricing scheme that does not involve explicit communication between the parties
d. form of nonprice competition
e. group of firms engaged in price discrimination
A
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The curve shown in the figure above is the
A) potential GDP curve. B) Phillips curve. C) aggregate supply curve. D) demand for money curve. E) aggregate demand curve.
Picture a linear downward-sloping demand curve. If the price continues to fall, price elasticity will
a. decrease b. increase c. remain unchanged d. approach infinity e. increase or decrease, depending on the character of the good
Which of the following should be subtracted while calculating aggregate demand of the U.S.?
a. Pakistan's purchase of F-16s from the U.S. b. Computers imported by China from the U.S. c. Memorabilia purchases in the U.S. by a foreign tourist. d. A U.S. firm's purchase of German machinery.
Assume that the expectation of declining housing prices cause households to reduce their demand for new houses and the financing that accompanies it. If the nation has highly mobile international capital markets and a flexible exchange rate system, what happens to the GDP Price Index and reserve-related (central bank) transactions in the context of the Three-Sector-Model?
a. The GDP Price Index falls, and reserve-related (central bank) transactions remain the same. b. The GDP Price Index falls, and reserve-related (central bank) transactions become more negative (or less positive). c. The GDP Price Index and reserve-related (central bank) transactions remain the same. d. The GDP Price Index rises, and reserve-related (central bank) transactions become more positive (or less negative). e. The GDP Price Index rises, and reserve-related (central bank) transactions remain the same.