A concentration ratio provides a better assessment of market power than the Herfindahl-Hirschman index does.
Answer the following statement true (T) or false (F)
False
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Barter can best be defined as:
a. the direct exchange of one good for money. b. the direct exchange of money for a good. c. the direct exchange of goods and services without the use of money. d. the direct exchange of labor services for wages. e. the payment of interest on a savings account.
You can generally distinguish an aggregate supply-caused recession from an aggregate demand-caused recession because
A. real GDP will rise in an aggregate supply recession. B. the price level will fall in an aggregate supply recession. C. the price level will fall in an aggregate demand recession. D. real GDP will rise in an aggregate demand recession.
An increase in energy costs will most likely cause the price level and real gross domestic product to change in which of the following ways?
A) PL increase; GDP increase B) PL increase; GDP decrease C) PL increase; GDP not change D) PL decrease; GDP increase E) PL decrease; GDP decrease
Which one of the following is an example of an external cost?
A. emissions from a factory B. a house payment owed by a friend C. the cost to attend college D. labor costs to a firm