If there is always a three-for-one tradeoff between goods X and Y, then the PPF between X and Y is
What will be an ideal response?
a downward-sloping straight line.
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The lower the exchange rate, the cheaper are foreign-produced goods and services
Indicate whether the statement is true or false
To calculate the Herfindahl index,
a. add the market shares of all firms in an industry b. add the market shares of any four firms in an industry and then square them c. add the market shares of the four largest firms in an industry d. square the market shares of all firms in an industry and then add them e. square the market shares of the four largest firms in an industry and then add them
Falling inequality has been a feature of the high-growth Asian economies due to land reform, free public education, free basic health care, and significant investments in infrastructure for communication, sanitation, and transportation
Indicate whether the statement is true or false
A monopoly sells 10 units of output at $10. If the marginal revenue of the 11th unit is $4.50, then the price of the 11th unit is
A. $9.50. B. also $10. C. $7.25. D. $11.