A trust is:
A. an agreement among firms to charge the perfectly competitive price.
B. a compact between industry and government.
C. a creation of the Sherman Act.
D. an arrangement between firms whereby decision making is controlled by a board of trustees.
Answer: D
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Use the following table to answer the next question. All figures in the table below are in billions of dollars. RGDPAggregate Expenditures (Closed Economy)ExportsImports$400$440$50$60450480506050052050605505605060600600506065064050607006805060If exports should decrease by $20 billion at each level of real GDP, other factors constant, then the equilibrium real GDP for the economy will be
A. $500 billion. B. $450 billion. C. $550 billion. D. $650 billion.
If marginal utility becomes negative for the first time, which of the following is true? a. Total utility is growing steeply
b. Total utility begins to decline. c. A rational consumer would never knowingly pay a positive price for these units of the good or service generating negative marginal utility. d. Total utility equals marginal utility. e. Both b. and c. above are correct.
A closed economy is an economy that:
A. does not interact with other economies. B. publishes its financial information to the public. C. collects tax revenue. D. has free trade relationship with other countries.
When a new discount retailer, like Wal-Mart, opens a store, people save money. The CPI
a. completely ignores this b. accounts for every implication of this c. misses the reduction in what people pay when they shift but captures the effect from that point on. d. does not count sales at discount stores. e. misses the reduction in what people pay only for stores in mid-sized cities.