The two measures of the degree of competitiveness (or of oligopoly) are called (1) _________________ and (2) _________________.
Fill in the blank(s) with the appropriate word(s).
a concentration ratio; a Herfindahl-Hirschman Index
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Lizzie's budget line is shown in the figure above. If the price of a cookie rises, Lizzie's real income in terms of cookies ________ and her real income in terms of magazines ________
A) decreases; increases B) increases; decreases C) decreases; does not change D) increases; does not change
Inflation can only be caused by an increase in aggregate demand
a. True b. False Indicate whether the statement is true or false
When the price of hot dogs at the supermarket increases, the quantity demanded of hot dog buns declines. This situation describes:
a. the income elasticity of demand for hot dogs. b. the income elasticity of demand for hot dog buns. c. the price elasticity of supply for hot dogs. d. the negative cross-price elasticity of demand for hot dogs and hot dog buns. e. the positive cross-price elasticity of supply for hot dogs and hot dog buns.
Under the old Soviet version of communism in the U.S.S.R., the questions of 'What?', 'How?', and 'For whom?' were answered by
A. a democratically elected congress called the Duma. B. the law of supply and demand. C. the decisions of hundreds of millions of individual consumers. D. a government planning committee.