As a general rule, oligopoly exists when the four-firm concentration ratio:
A. exceeds the Herfindahl index.
B. is less than the Herfindahl index.
C. is 40 percent or more.
D. is 15 percent or more.
Answer: C
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What does an empirical analysis of the key votes at the Constitutional Convention suggest?
(a) Merchants, manufacturers, capitalists, creditors, and public and private security holders supported a national system of government. (b) Delegates from larger and coastal states, as well as bankers and other private debt holders, were most likely to support the new Constitution. (c) Slaveholders were likely to stand in opposition to the Constitution, while farmers and debtors were either opposed or indifferent. (d) All of the above are correct.
Refer to Figure 9.2. At price 0H and quantity Q1, the deadweight loss is
A) DGC. B) BDC. C) BGC. D) 0FGQ1. E) none of the above
Why were there so few strikes from 1942-1945?
A. Unions were too weak to strike. B. Union members were afraid that their employers would move their factories to other countries. C. It was considered unpatriotic to strike while we were at full-scale war. D. Labor leaders were afraid that strikes would force financially weak employers out of business.
The economic system that has the benefit of cooperation among individuals but suffers from a lack of individual initiative that leads to greater production describes the:
A. market economy. B. command economy C. soviet economy. D. traditional economy.