Which of the following is a difference between collusion and competition?
a. Collusion results in higher output, while competition results in lower output
b. Collusion occurs when there are many firms in the market, while competition occurs when there are a few firms of comparable size.
c. Collusion results in lower prices, while competition results in higher prices.
d. Collusion results in higher prices, while competition results in lower prices.
d
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Brazil's 1999 crisis was relatively short lived because
A) Brazil's financial institutions had avoided borrowing all together. B) Brazil's financial institutions had avoided heavy borrowing in local currency. C) Brazil's financial institutions had avoided heavy borrowing in dollars. D) Brazil's financial institutions had extended low-interest loans. E) Brazil's financial institutions had extended high-interest loans.
If the federal government borrows to build a new dam in North Dakota with a rate of return above the borrowing rate, and later raises federal income taxes to pay the interest, future welfare in the United States is
A) redistributed and lowered overall. B) redistributed but not lowered overall. C) not redistributed but lowered overall. D) not redistributed and not lowered overall.
Which statement is true?
A. Open market operations are seldom conducted any more. B. The basic way the Fed controls the money supply is by manipulating the discount rate. C. During periods of severe recession, the Fed tries to push up interest rates. D. During periods of severe inflation, the Fed tries to push up interest rates.
The short run is defined as the time frame:
A. in which there are fixed factors of production. B. less than one year. C. less than three years. D. in which there are no fixed factors of production.