Which of the following statements is true of price fixing?
a. It represents a high level of competition in an industry.
b. It is allowed only under the provisions of the Federal Trade Commission Act.
c. It is, by definition, illegal, as there is no justification for it.
d. It occurs only in perfectly competitive industries.
e. It is legal in United States.
c
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Movement from one point on the production possibilities curve to another leads to more of both goods being produced
a. True b. False Indicate whether the statement is true or false
Given the strict quantity theory of money, if the quantity of money were decreased by 50 percent, prices would
What will be an ideal response?
Which of the following is NOT a criticism of international institutions such as the IMF, the World Bank, or the WTO?
A) They violate national sovereignty by imposing unwanted domestic policies. B) They fail to understand the effects of their policies on the vulnerable. C) Their decision-making is biased in favor of underdeveloped nations. D) They ignore potentially large adjustment costs for developing nations of implementing their policies.
The demand curve for labor slopes down because
A) firms value less efficient workers less than they value more efficient workers. B) firms must lower prices to sell the additional units of its product that the extra workers produce. C) of the law of diminishing marginal product. D) of profit maximizing behavior.