Collusion occurs when firms ______.
a. behave like perfect competitors
b. act as price leaders and price followers
c. engage in price discrimination
d. act together to restrict competition
d. act together to restrict competition
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If the government adopts expansionary monetary policy during a recession, ________
A) tax rates increase B) government spending falls C) access to credit increases D) interest rates increase
When the Fed buys a U.S. bond in the open market
A) its action contracts total reserves and the money supply. B) total reserves increase by the amount of the purchase but the money supply stays the same. C) its action expands total reserves and the money supply. D) its action has no effect on the total reserves or the money supply because the check it writes increases reserves at one bank but they fall at another.
The United States has had:
A. high relative mobility in the last century, and lower absolute mobility. B. low absolute mobility in the last century, but higher relative mobility. C. high absolute mobility in the last century, and lower relative mobility. D. low relative mobility in the last century, and even lower absolute mobility.
Suppose the company that owns the vending machines on your campus has doubled the price of a can of soda. They then notice that they are selling approximately 15% fewer sodas. The price elasticity of demand for sodas from the campus vending machines, therefore, is:
A. elastic B. inelastic C. unit elastic D. infinite