_____ is measured in terms of current-year prices
a. Nominal gross domestic product (GDP)
b. GDP price index
c. Real gross domestic product (GDP)
d. Arbitrage
e. Depreciation
a
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Refer to Scenario 17.2. The highest level of y* that can be set and still have the high-productivity people choose to meet it is
A) 90. B) 60. C) 30. D) 22.5. E) 15.
When economic profits in a perfectly competitive industry are positive
A) new firms will be attracted to the industry, and economic profits will decline to zero. B) the industry is in equilibrium. C) firms will increase output to earn even higher profits. D) firms will increase prices while they have the opportunity.
If the price of coffee is $4 per pound, how much coffee would consumers collectively be willing to purchase?
a. 3,000 pounds per year
b. 5,000 pounds per year
c. 8,000 pounds per year
d. 12,000 pounds per year
A Herfindahl-Hirschman Index is calculated by
A) summing the amount of sales by the four largest firms and dividing by total industry sales. B) dividing the number of firms wanting to merge by the total number in the industry. C) summing the squares of the market shares of each firm in the industry. D) dividing the advertising expenditures of the firms that want to merge by total industry advertising expenditures.