If a cartel is successful
A. the firms will act like a monopoly.
B. the firms will lose profits in a perfectly competitive market.
C. the consumers will pay lower prices.
D. the consumers will have more goods and services to choose from.
Answer: A
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According to the Bureau of Labor Statistics, among workers ages 45 to 54, the median job tenure is
A) longer for men than it is for women. B) longer for women than it is for men. C) roughly equal for all men and women. D) roughly equal for men and women closer to age 45, but longer for women closer to age 54 than men closer to age 54.
The data in the table above are the U.S. balance of payments. The data show that
A) the United States has a current account surplus. B) the United States has a capital and financial account surplus. C) The United States loaned $400 billion to the rest of the world. D) Both answers A and B are correct.
Democracy tends to best promote economic freedom when there is
a. checks on the power of both the executive and legislative majorities. b. constitutional protection of private property rights. c. political decentralization. d. all of the above.
Which of the following statements is true?
A) An explicit cost is an actual cost; an implicit cost is a theoretical cost. B) Economic costs include both explicit costs and implicit costs. C) An explicit cost is more important, dollar for dollar, than an implicit cost. D) Explicit costs are accounting costs, not economic costs; implicit costs are economic costs, not accounting costs.