Privately formed cartels are legal in many countries, including the United States.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 2Why are inclusive property rights considered to be sources of wealth?
QUESTION 3A Basic principle of economics is:
A) knowing your customer means understanding their income.
B) there are costs involved in any action or decision.
C) demand equals supply.
D) equilibrium is beneficial.
E) size and market share are important goals for a business.
QUESTION 4One of the most famous cartels is OPEC.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 5State one important consequence of Coasian reasoning on the analysis of contracts.
QUESTION 6According to the text, economics offers the business person
A) a substitute for the accounting department.
B) a substitute for the marketing department.
C) a way to forecast demand.
D) an approach to thinking.
E) a replacement for the personnel department.
QUESTION 7A cartel is a group of firms that attempt to collude by coordinating price and output decisions.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 8What are the fundamentals of Coasian reasoning?
QUESTION 9According to the text, success requires:
A) there is no secret formula that guarantees success.
B) a visionary leader.
C) a focus on quality.
D) a customer-orientation.
E) an emphasis on efficiency.
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