Which of the Following Is TRUE

question 154

Multiple Choice

Which of the following is TRUE?

• A) The more substitutes a resource has, the more likely a cartel controlling such a resource will succeed.
• B) The more widespread a resource is, the more likely a cartel controlling such a resource will succeed.
• C) Oil and diamond cartels tend to be more successful than copper and plumbing cartels.
• D) Oil and diamond cartels have never been successful.

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Definitions:

Price Level

The aggregate price mean of the complete variety of goods and services within the economy.

Base Year

A specific year against which economic growth is measured, serving as a standard comparison for other years in index numbers and price comparisons.

Real GDP

The measure of a country's economic output adjusted for price changes, such as inflation or deflation, giving a more accurate depiction of an economy's size.

GDP

The total value of goods and services produced over a specific period in a country, known as Gross Domestic Product, reflects its economic productivity.