In order to make oil profits as large as possible, OPEC meets to set oil production quotas for its members. OPEC is best classified as a:
A. monopoly.
B. cartel.
C. a monopolistically competitive industry.
D. price-leadership industry.
Answer: B
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Historical data representing consumption and disposable income reveals that
a. during the 1930s, U.S. saving was at a high level. b. U.S. citizens increased saving during World War II. c. there is no systematic relationship between the two. d. consumption rises faster than disposable income during recessions.
List and explain the different costs of inflation to a society
A "universal bank"
a. has branches in many countries. b. the same as a U.S. commercial bank. c. performs both traditional banking and merchant-banking functions. d. none of the above. e. all of the above
YearCPI200594200699200710020081042009117Using the information in the table shown, the rate of inflation from 2008 to 2009 was:
A. 12.5 %. B. 13 %. C. 17 %. D. 11.1 %.