Why are cartels among firms usually kept secret?
What will be an ideal response?
Cartels are typically kept secret because they are illegal. In the United States and many other countries, it is illegal for firms to collude to form a cartel. It is illegal because when firms collude they do so in order to restrict output, raise prices, and capture consumer surplus in order to increase their economic profit.
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GDP using the expenditure approach equals the sum of personal consumption expenditures plus
A) gross private investment. B) gross private investment plus government expenditure on goods and services. C) gross private investment plus government expenditure on goods and services minus imports of goods and services. D) gross private investment plus government expenditure on goods and services plus net exports of goods and services.
Countries with more economic freedom during 1980-2009 tended to do which of the following?
What will be an ideal response?