Assuming identical cost and demand curves, OPEC as a cartel will, in comparison to a competitive industry:

Group of answer choices

Produce greater output and charge a lower price

Produce greater output and charge a higher price

Produce less output and charge a higher price

Produce less output and charge a lower price

Flag question: Question 12

Question 12

2pts

A widely used indicator to differentiate developed countries from developing countries is:

Group of answer choices

International trade per capita

Real income per capita

Unemployment per capita

Calories per capita per day

Flag question: Question 13

Question 13

2pts

A reason why it is difficult for producers to maintain a cartel is that:

Group of answer choices

The elasticity of demand for the cartel's output decreases over time

Producers in the cartel have the economic incentive to cheat

Economic profits discourage other producers from entering the industry

Producers in the cartel have the motivation to lower price but not to raise price

Question 14

Because the balance of payments utilizes double-entry accounting, merchandise exports will always be in balance with merchandise imports.

True

False

Question 15

An appreciation in the value of the U.S. dollar against the British pound would tend to:

Increase the number of dollars that could be bought with a pound

Discourage U.S. tourists from traveling to Britain

Discourage the British from buying American goods

Discourage Americans from buying British goods