Groups have preferences
a. True b. False
b
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The above table shows the percent of sales held by the four largest firms in an industry
a) Calculate this industry's four-firm concentration ratio. b) Is this industry competitive? c) What market type does it most likely represent?
The endowment effect suggests that that people
A) are concerned about the welfare of others. B) act in ways to distort market prices. C) have a strong attachment to their entitlement, regardless of whether they paid to acquire it. D) have a strong sense of fairness.
With regard to the national debt, to whom does the federal government owe money?
a. Taxpayers. b. Federal government workers. c. The Federal Reserve System. d. Investors who buy U.S. Treasury bills, bonds, and notes.
The aggregate demand curve:
A. shows the relationship between the overall price level and the level of total demand. B. shows the price level on the horizontal axis and output on the vertical axis. C. is upward-sloping, which is counter to the individual demand curve. D. shows the relationship between the price of goods and services and the level of total demand.