A cartel is a group of firms that ________ to make price and output decisions.
A. implicitly colludes
B. are unable
C. act independently
D. explicitly colludes
Answer: D
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A boss can type 200 words per minute and sell 2000 units of the company's product in one day. His assistant can type 150 words per minute and sell 1000 units of the company's product in one day. Discuss who has absolute and comparative advantages in the "production" of typing and selling.
What will be an ideal response?
Historically, the United States has experienced
A) no changes in the unemployment rate since World War II. B) periods of both increases and decreases in the unemployment rate since World War II. C) continuous increases in the unemployment rate since World War II. D) continuous decreases in the unemployment rate since World War II.
A bank has $200 of reserves and $4,000 of deposits. It is just meeting its desired reserves and has no excess reserves. Thus the desired reserve ratio is
A) 25 percent. B) 10 percent. C) 5 percent. D) $200. E) 20 percent.
Estimates from large macroeconometric models of the U.S. economy suggests that it takes over ________ for monetary policy to affect output and over ________ for monetary policy to affect the inflation rate
A) 1 year; 2 years B) 2 years; 1 year C) 1 year; 6 months D) 6 months; 1 year