Refer to Table 2-9. What is Haley's opportunity cost of making a necklace?
A) 2 necklaces B) 3 bracelets C) 3/4 of a bracelet D) 1 1/3 necklaces
C
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Since people's incomes are limited and their abilities to borrow differ they face _____ constraints
a. psychological b. financial c. societal d. contractual
If the market share of the largest firm in an industry is 40 percent, then theoretically, the highest possible Herfindahl-Hirschman Index for this industry would be
A. 1,600. B. 3,600. C. 4,000. D. 6,400.
When there are external economies of scale, an increase in the size of the market will
A) increase the number of firms and lower the price per unit. B) increase the number of firms and raise the price per unit. C) decrease the number of firms and raise the price per unit. D) decrease the number of firms and lower the price per unit. E) not affect the number of firms, but will lower the price per unit.
If you want to know the present value of $4,000 in two years and the annual interest rate is 5%, what formula can you use?
A) Present value = $4,000 / (0.05 ) × 2. B) Present value = $4,000 / (1 + 0.05 )2. C) Present value = $4,000 × (1 + 0.05 )2. D) Present value = $4,000 × (1 + 0.05 )/ 2.