A main trading partner with the U.S. is:
A. Saudi Arabia.
B. South Africa.
C. Russia.
D. Mexico.
Answer: D
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The elasticity of demand for gasoline is likely to be relatively low in the short term and higher as the period of time gets longer.
Answer the following statement true (T) or false (F)
Wage discrimination means workers with equal productivity are paid unequal wages, or workers with unequal productivity are paid equal wages
a. True b. False Indicate whether the statement is true or false
For any given growth rate of aggregate supply, a faster growth rate of aggregate demand will lead to more inflation and faster growth of real output.
Answer the following statement true (T) or false (F)
A cartel is formed among the major firms in an industry that maximizes joint profits of the firms. Each firm:
A. will be protected from the economic effects of a recession. B. has the incentive to cheat by cutting its price. C. has a perfectly elastic demand for its product. D. will operate at the level of output associated with the kink in the demand curve.