If the firms in an industry represented 35%, 25%, 20%, 15%, and 5% of the market's total revenues, respectively, what would be the measure of the Herfindahl-Hirschman Index for this industry?
a. 2,500
b. 3,525
c. 7,725
d. 10,000
a
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When a movement up along the aggregate supply curve occurs, there is also
A) no movement along nor a shift in the short-run Phillips curve. B) a rightward shift of the short-run Phillips curve. C) a movement up along the short-run Phillips curve. D) a movement down along the short-run Phillips curve. E) a leftward shift of the short-run Phillips curve.
The standard definition of "recession" is
A) a period of a positive frictional unemployment rate. B) two consecutive quarters of falling Real GDP. C) the lowest point in a business cycle. D) a period of negative inflation.
Quarterly GDP:
A. is adjusted for predictable, seasonal variation to predict what GDP would be if the economy continues at its current pace. B. is always shown as a seasonally adjusted estimate for an annual rate. C. takes account of unpredictable seasonal patterns in order to guess at annual GDP. D. is the only representation of GDP that economists view as credible.
Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080Which of the following is an acceptable term of trade?
A. 6 sweaters for 10 scarves B. 8 sweaters for 15 scarves C. 4 sweaters for 10 scarves D. 2 sweaters for 7 scarves