Which English philosopher set out to develop an arithmetic formula for measuring happiness and along the way invented the util?
A. Milton Friedman
B. Adam Smith
C. Jeremy Bentham
D. John Maynard Keynes
Answer: C
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Which of the following is a reason for economies of scale?
A) Fixed costs are spread out as volume increases. B) The law of diminishing returns does not take effect. C) Input productivity increases as a result of greater specialization. D) There is greater savings in transportation costs.
The U.S. dollar is widely traded because it is a transaction currency in many international commodity markets.
a. true b. false
When the price level falls, the total quantities of goods and services demanded:
A. decrease. B. stay the same. C. increase. D. increases and then decreases.
Consider two industries, industry Q and industry Z. In industry Q there are 10 companies, each with a market share of 10% of total sales. In industry Z, there are eight companies. One company has a 65% market share and each of the other seven firms has a
market share of 5%. a. Calculate the four-firm concentration ratio for each industry. b. Calculate the Herfindahl-Hirschman Index (HHI) for each industry.