In a market system, the major coordination tasks are carried out
a. with the approval of central planners.
b. as part of the regular appropriation process of Congress.
c. irregularly by the major corporations.
d. automatically by the market mechanism.
d
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The Herfindahl-Hirschman Index is used to ________
A) measure the price elasticity of demand faced by a firm B) estimate the degree of competition in an industry C) measure the price elasticity of market supply in an industry D) estimate the profit earned by firms in an industry
Explain how the CPI is constructed
What will be an ideal response?
If the economy is initially at equilibrium and an unexpected decline in aggregate demand takes place, in the short run aggregate output will
A) fall in the new classical view, but not in the new Keynesian view. B) fall in the new Keynesian view, but not in the new classical view. C) fall in both the new Keynesian and new classical views. D) remain at full employment in both the new classical and new Keynesian views.
One World View article is titled "Competition Shrinks India's Phone Bills." Competitive forces typically force companies to
A. Improve product quality and reduce service. B. Cut prices, improve product quality, and improve service. C. Improve service and raise prices. D. Cut prices and reduce product quality.