As a group, oligopolists would always be better off if they would act collectively
a. as if they were each seeking to maximize their own individual profits.
b. in a manner that would prohibit collusive agreements.
c. as a single monopolist.
d. as a single perfectly competitive firm.
c
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An explanation for the slowdown in U.S. productivity growth in the 1973–1995 period was higher oil prices caused by
A. the CIA. B. the WTO. C. the IMF. D. OPEC.
Refer to above figure. Two countries exist in this model, P and R. P is relatively labor (L) abundant, as is evident in the bottom right horizontal axis
If Country P were to be completely specialized in the labor-intensive product, C, it would be producing at point 4. In fact, it produces both C and P, at point 5. The (autarky) relative price of C (in terms of F) of Country P is at point 3; and of Country R at point 1. If trade were to open up between these two countries, which would export C and which would export F? Is this consistent with the Heckscher-Ohlin model? Explain.
In the long-run ISLM model and with everything else held constant, as long as the level of output ________ the natural rate level, the price level will continue to ________, shifting the LM curve to the ________, until finally output is back at the
natural rate level. A) exceeds; rise; right B) exceeds; rise; left C) remains below; fall; left D) remains below; rise; right
What would be the output combination for two products A and B on the production possibility frontier, if a country uses its entire resources for producing A?
A. A: maximum, B: zero B. A: maximum, B: maximum C. A: zero, B: maximum D. A: zero, B: minimum