Which nation pioneered Atlantic exploration?
a. England
b. Italy
c. Portugal
d. Spain
c. Portugal
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A highly profitable cartel arrangement among sellers contains the seeds of its own disintegration because
A) a monopoly arrangement is more unstable than an oligopoly arrangement. B) a price maintained above each cartel member's marginal cost is an incentive to offer secret price reductions to attract additional business. C) monopoly agreements will, in the long run, reduce net revenue to zero. D) net revenue for the cartel as a whole could be increased by producing at the level where marginal revenue equals marginal cost for each cartel member. E) the cartel members will have a strong incentive to reduce quality.
Which of the following is not one of the basic legal forms of business organization in the United States?
a. corporation. b. syndicate. c. sole proprietorship. d. partnership.
Early forms of colonial money included
a. wampum. b. tobacco. c. furs and hides. d. musket balls. e. All of the above.
Why do economists show little interest in how the benefits from an exchange are shared between the two parties?