An Association of Producers Such as OPEC That Agrees to Set

question 10

Multiple Choice

An association of producers such as OPEC that agrees to set common pricing or output goals is referred to as a

• A) cartel.
• B) conglomerate.
• C) monopoly.
• D) partnership.

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Definitions:

Social Security

A government program that provides financial assistance to retirees, disabled workers, and their families.

Labor Economists

Labor economists study the dynamics of workers, jobs, and the markets in which they operate, to understand the factors affecting labor supply and demand.

Payroll Tax

Contributions imposed on either the workforce or the employers, determined by a percentage of the payrolls distributed by companies to their staff.

Luxury Tax

A tax applied on expensive goods and services considered by the government to be non-essential or luxury items.