A concentration ratio refers to the
a. ranking of firms by profitability
b. percentage of sales accounted for by the leading firms in an industry
c. percentage of sales accounted for by the largest firm in an industry
d. ability of a firm to control market price
e. percentage of profit accounted for by the largest firm in an industry
B
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When the Federal Reserve increases the federal funds rate, bank loans ________, the supply of loanable funds ________, and the real interest rate ________
A) increase; increases; falls B) decrease; decreases; rises C) increase; increases; rises D) do not change; decreases; rises E) decrease; does not change; rises
If a country has a high level of income, it likely has:
A. a highly productive work force. B. widespread access to technology. C. high levels of physical capital. D. All of these are true.
A decrease in aggregate supply will cause the price level to
a. rise and real GDP to fall b. rise and real GDP to rise c. rise and the unemployment rate to fall d. fall and real GDP to rise e. fall and the unemployment rate to rise
When consumers or businessmen stop collecting information to make decisions at the point where marginal cost of data collection equals the marginal utility of the data, economists would call the decisions based on existing data
A. perfect decisions. B. optimally imperfect decisions. C. joint decisions. D. rent seeking.