Cartels:
A. are usually illegal.
B. can effectively sustain large profits in the long run.
C. can act as if they are a single monopoly.
D. All of these statements are true.
Answer: D
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Tony spends $36 per month on cookies. For him, chocolate chip cookies and peanut butter cookies are perfect substitutes. Chocolate chip cookies are $4 per dozen and peanut butter cookies are $3 per dozen
How many dozen of each type of cookie will Tony buy in a given month if he wants to maximize his utility?
One explanation for the growth in the U.S. economy over the last 100 years is:
A. a large increase in human capital. B. a rapid decline in human capital. C. a small, incremental increase in human capital. D. Human capital was not the cause of growth in the United States over the last 100 years.
A main function of money is to avoid the need for double coincidence of wants. This is the
a. medium of exchange function. b. standard of value function. c. standard of deferred payment function. d. store of value function.
As economies develop, more jobs will require more education and training. What effect will this have on the labor market of 18 to 24 year olds?
a. The demand for workers ages 18 to 24 years old will decrease as more young people go to school. b. The supply of workers ages 18 to 24 years old will decrease as more young people go to school. c. The demand for workers ages 18 to 24 years old will increase as more young people go to school. d. The supply of workers ages 18 to 24 years old will increase as more young people go to school.