Which of the following industries has not undergone deregulation in recent years?
a. steel
b. telephone
c. airlines
d. trucking
e. banking
A
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Referring to Table 12.2, if the nominal interest rate is 9.5 percent and there is no inflation, which investments will be undertaken?
A) E and D B) E C) C, D, E D) none of the above
The Organization of Petroleum Exporting Countries (OPEC) controls about 75 percent of the world's proven oil reserves. Economists refer to OPEC as a cartel because
A) it is a group of firms that collude to restrict output to increase prices and profits. B) OPEC is a monopoly, but it is located outside of the boundaries of any one country. This is the definition of a cartel. C) this is the term economists use to describe an oligopoly that sells a standardized product, such as oil, rather than a differentiated product, such as automobiles. D) this is the term used for an oligopoly that is controlled by national governments rather than private firms.
The agreement of the United States, Canada, and Mexico to eliminate tariffs on the shipment of most products among the three countries is called the
a. General Agreement on Tariffs and Trade. b. Uruguay Round. c. North American Free Trade Agreement. d. Tariff Reduction Act of 1993.
Farmers can raise either goats or ostriches on their land. Which of the following would cause the supply of goats to decrease?
A) an increase in the price of ostriches B) a decrease in the price of goats C) an increase in the demand for goats D) an increase in the price of ostrich feed