According to the Herfindahl-Hirschman Index, which is the more concentrated industry?
A. Industry X with an index of 2,400.
B. Industry Y with an index of 2,738.
C. Both industries have the same indices.
D. There is no way to determine the Herfindahl Indices of these industries with this data.
B. Industry Y with an index of 2,738.
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The table above lists the market shares of the twenty makers of personal computers. Based upon the Herfindahl-Hirschman Index for this industry, the Justice Department would
A) regard the industry as highly concentrated. B) be against any two firms merging. C) consider the market oligopolistic. D) regard the industry as competitive.
We call costs that fall directly on an economic decision maker:
A. social costs. B. external costs. C. network costs. D. private costs.
Contractionary fiscal policy is enacted when the overall effect of decisions about taxation and spending is to:
A. reduce aggregate demand. B. increase aggregate demand. C. reduce aggregate supply. D. increase aggregate supply.
The deficit at natural level of output is called
A) full-employment deficit. B) mid-cycle deficit. C) structural deficit. D) cyclically adjusted deficit. E) all of the above