If the United States' unemployment rate is 5% and the capacity utilization rate is 85-90%, then the economy is at ___________.
Fill in the blank(s) with the appropriate word(s).
full employment
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OPEC was able to function as an extremely successful cartel in the last half of the 1970s because
A) it was an association of governments rather than of private individuals. B) it was able to separate OPEC oil from non-OPEC oil and to engage in price discrimination. C) the increasing scarcity of oil produced an upward-sloping marginal revenue curve. D) the widespread expectation of much higher future prices discouraged current production. E) wars in the Middle East raised the marginal cost of producing oil.
Cartels can more easily detect cheating by cartel members if the products sold by each member are largely homogeneous
As product quality varies, the observed prices charged by cartel members may be due to differences in the products, or they may be due to cheating. Which of the following goods would more difficult to monitor for potential cheating? A) Aluminum ingots B) Industrial concrete C) Steel beams D) Luxury yachts
Which of the following lists two things that both increase the money supply?
a. make open market purchases and raise the reserve requirement ratio b. make open market purchases and lower the reserve requirement ratio c. make open market sales and raise the reserve requirement ratio d. make open market sales and lower the reserve requirement ratio
A business cycle is the