An organization of producers that limits the amount of a good produced is known as a
A) free market organization.
B) guild.
C) collective.
D) co-op.
Answer: B
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The term laissez faire can be translated
a. "leave it alone" b. "make it equitable (fair)" c. "take an active role" d. "markets work" e. "free of problems"
Many economists believe that if fiscal policy turns contractionary to reduce the deficit,
a. monetary policy can turn expansionary to counteract the effects on aggregate demand. b. monetary policy must be contractionary to reinforce the good effects of contractionary fiscal policy. c. foreign investment in the United States must be encouraged. d. taxes on the earnings from stock market gains should be increased.
In year 1 the CPI is 140, and in year 2 the CPI is 160. From year 1 to year 2, Chiang's salary rises from $42,000 to $49,000, and Marta's salary rises from $55,000 to $60,000. Who is "more than keeping up with inflation"?
A) Marta B) Chiang C) both Marta and Chiang D) neither Marta nor Chiang
What is "competitive" about a monopolistically competitive market?
What will be an ideal response?