How much is the concentration ratio in the oil industry if these are the sales of the leading firms: Amoco, 6%; Exxon Mobil, 15%; BP, 9%; Gulf, 7%; Hess, 11%; Sunoco, 12%; Occidental, 10%; and Shell, 8%?
What will be an ideal response?
48
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The above figure shows the Lorenz curves for four different countries. Which country has the most unequal distribution of income?
A) country A B) country B C) country C D) country D
Due to asymmetric information in credit markets, monetary policy may affect economic activity through the balance sheet channel, where an increase in the money supply
A) raises stock prices, lowering the cost of new capital relative to firms' market value, thus increasing investment spending. B) raises firms' net worth, decreasing adverse selection and moral hazard problems, thus increasing banks' willingness to lend to finance investment spending. C) raises the level of bank reserves, deposits, and bank loans, thereby raising spending by those individuals who do not have access to credit markets. D) lowers the value of the dollar, increasing net exports and aggregate demand.
One effect of a minimum wage in the market for low-skilled labor is
A) a shortage of low-skilled labor. B) a surplus of low-skilled labor. C) no effect in the market for low-skilled labor. D) an increase in demand for low-skilled labor.
Which of the following would both make the interest rate on a bond higher than otherwise?
a. the interest it pays is taxed and it is long term b. the interest it pays is taxed and it is short term c. the interest it pays is tax exempt and it is long term d. the interest it pays is tax exempt and it is short term