The share of industry output sold by the top four steel producers in the country are 19%, 15%, 12%, and 9% respectively. The four-firm concentration ratio for the steel industry is
a. 0.19.
b. 0.55
c. 0.138
d. 0.65
b
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If the Federal Reserve is currently paying 1% interest on bank reserves, but then reduces that interest rate to 0.5%, banks may decide to hold ________ reserves, and the money supply may ________.
A. fewer; decrease B. fewer; increase C. more; decrease D. more; increase
The price elasticity of demand for a rental home in Luxury Resorts in the summer is 1.40 and is 2.60 in the spring. If Luxury Resorts faces a constant marginal cost of $600 per home rental, what is the profit-maximizing peak-load price to charge in the summer?
A) $2,750 B) $2,100 C) $975 D) $1,250
Charlston, a newly industrialized country, has a female population of 2.8 million. There are 1.08 million employed males in the country, while the number of dependent males is equal to 1.52 million. The GDP of Charlston is U.S. $298 billion. The output per capita of Charlston is approximately equal to _____
a. $275,925 b. $55,185 c. $196,035 d. $275,955 e. $79,810
Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total Tons Per DayNumber of MinersMother Lode10025Scraping Bottom3010Middle Drift7515 Suppose Earth Movers & Shakers needs to fill an order for 100 tons of ore in a single day. If it has no other orders to fill that day, and it's not possible to transfer miners from one mine to another, it should:
A. take it all from Mother Lode. B. take 30 tons from Scraping Bottom and 70 tons from Mother Lode. C. take 75 tons from Middle Drift and 25 tons from Scraping Bottom. D. take 75 tons from Middle Drift and 25 tons from Mother Lode.