Over the past 100 years, in the United States the average growth rate of ________ grew at a faster rate than ________
A) real GDP; nominal GDP
B) the population; real GDP
C) real GDP; the population
D) inflation; real GDP
C
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Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $3 tax on buyers, which results in a shift of the demand curve from D1 to D2. The amount of the tax paid by the consumer is
A. $8. B. $1. C. $3. D. $2.
As a method of resource allocation, market price
A) means those who are willing and able to pay get a particular good or service. B) works well when self-interest must be suppressed. C) works best inside firms and government departments. D) is efficient when there is no effective way to distinguish among potential users of a scarce resource.
In the knowledge economy
A) physical property rights appear to be lacking. B) property rights have become stronger. C) property rights have been replaced by network externalities. D) intellectual property rights appear to be lacking.
What would the Herfindahl-Hirschman Index equal for an industry consisting of six firms with market shares of 5%, 10%, 15%, 20%, 25%, and 25%?
a. 100 b. 1,350 c. 1,375 d. 2,000