What would the Herfindahl-Hirschman Index equal for an industry consisting of 20 firms with each holding a 5 percent market share?
A. 20
B. 100
C. 500
D. 2,500
Answer: C
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Professor's economics students are constructing models for how gasoline prices change. Maria's model has very realistic assumptions and is quite complex. Anna's model is less complicated and less realistic
Maria's model correctly predicts gas price increases 5% of the time. Anna's model predicts correctly 15% of the time. On the basis of usefulness or "goodness," Professor will give which student's model the higher grade and why? A) Maria's model gets the higher grade because it is more complex. B) Anna's model gets the higher grade because it is simpler. C) Maria's model gets the higher grade because it is more realistic. D) Anna's model gets the higher grade because it predicts accurately more often.
If the exchange rate of yen per dollar increases from 100 yen = $1 to 110 yen = $1, then
a. Japanese-produced goods would become more expensive b. the dollar has depreciated c. the yen has appreciated d. U.S.-produced goods would become more expensive e. U.S. exports would increase
If a pizza maker pays $1 for tomatoes, $1 for cheese, $2 for sausage, and sells the pizza made with these ingredients for $7, then each pizza sold contributes how much to GDP?
A. $7 B. $3 C. $4 D. $11
If 1 U.S. dollar exchanges for 122.57 Japanese yen, how much would it cost in U.S. dollars and cents to purchase a Toyota Camry priced at 2 million yen?
What will be an ideal response?