A member in a cartel can earn more profits by
A) charging a slightly lower price and raising production.
B) producing less than the agreed rate.
C) selling less than the agreed amount.
D) none of the above.
Answer: A
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Jimbo has a comparative advantage over Ned in producing a good if
A) Jimbo can produce more of the good than Ned can in a given time period. B) Jimbo has a higher opportunity cost of producing the good than does Ned. C) Jimbo has a lower opportunity cost of producing the good than does Ned. D) Jimbo has to trade off more than Ned does to produce the good.
In the United States today, money consists of
A) currency only. B) deposits at banks only. C) coins only. D) currency and deposits at banks.
Which of the following variables is measured only at a particular point in time and not over different time periods?
a. The unemployment rate b. Consumer income c. The federal government's debt d. The federal government's budget deficit e. Total expenditure
The price elasticity of supply along a typical supply curve is
a. constant. b. equal to zero. c. higher at low levels of quantity supplied and lower at high levels of quantity supplied. d. lower at low levels of quantity supplied and higher at high levels of quantity supplied.