What is the Herfindahl-Hirschman index?
What will be an ideal response?
The Herfindahl-Hirschman index is a measure of industry concentration that uses data on individual firms' market shares. Specifically, the index is the sum of the squares of the market shares of each firm in the industry. The index is used to determine whether or not a proposed merger will be challenged by the government.
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Use the following diagram to answer the next question.
Consider the data points shown in the diagram, the observations range from the oldest on the right to the most recent observations on the left. Based on these observations we can say ________.
A. the evidence shows a positive relationship between unemployment and inflation B. the evidence shows a negative relationship between unemployment and inflation C. the evidence shows there is no relationship between unemployment and inflation D. there is not enough evidence to determine the relationship between unemployment and inflation
On Naomi’s pig farm, Naomi hires all the labor used, grows all the grain fed to the pigs, and owns the barn. The costs used to calculate the total cost curve include
A. only the cost of labor. B. only the cost of labor and the cost of grain, which is completely consumed in the period in which it is grown. C. only the variable cost of growing grain. D. the cost of labor, the cost of growing grain, and the opportunity cost of the barn.
In the graph shown, the globally constrained potential output is:
A. the LAS curve shown, but horizontal. B. the same as the LAS curve shown. C. to the left of the LAS curve shown. D. to the right of the LAS curve shown.
When economists speak of "demand" in a particular market, they refer to:
A. The whole demand curve or schedule B. One point on the demand curve C. One price-quantity combination on the demand schedule D. How much of an item buyers want to buy at a given price