The purpose of a cartel is to:
a. promote product innovation.
b. increase market competition.
c. act like a monopoly.
d. diversify operations.
e. decrease market concentration.
c
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Which of the following statements is true?
a. Specialization and trade along the lines of comparative advantage allows nations to consume more than if they were to produce just for themselves. b. Free trade theory suggests that when trade takes place any gains made by one nation comes at the expense of another. c. According to the theory of comparative advantage, a nation should specialize in the production of those goods for which it has an absolute advantage. d. All of these.
Longitudinal data on income inequality in the United States indicates that: a. children of poor families stay poor, but children of rich families do not always stay rich
b. children of poor families often escape poverty, but rich families invariably retain their wealth over time. c. there is substantial movement among income groupings in the United States. d. the rich are getting richer and the poor are getting poorer.
Keynes argued that while the government should ensure that the overall level of aggregate demand is sufficient for an economy to reach full employment, the government should not attempt to set _________________.
a. export levels and wages b. wages and benefits c. prices and import levels d. prices and wages
Schumpeter's hypothesis states that
a. monopolists are always trying to raise prices b. competition does not always generate the lowest prices c. when government fosters competition, prices fall d. price-takers create the highest prices e. efficiency is highest under conditions of perfect competition