If the U.S. continually runs a bilateral trade deficit with Japan, then
a. Japan's trade policies must be unfair to the United States.
b. the United States is worse off as the result of its trade with Japan.
c. Japan is the low-cost supplier of goods that we import intensively.
d. both a and b are true.
C
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Comparing M1 and M2 we know that
A) M1 is larger because it contains currency. B) M2 is approximately equal to M1. C) M2 is larger because it contains M1 and other assets. D) M2 is larger because it contains more liquid assets than does M1.
Merger guidelines developed by the U.S. Department of Justice and the Federal Trade Commission use the Herfindahl-Hirschman Index as a measure of concentration. This index measures concentration in an industry by
A) adding up the market shares of all firms in the industry, squaring this number and then dividing by the number of firms in the industry. B) squaring the market shares of each firm in an industry and then adding up the values of the squares. C) determining the market shares of the four largest firms in the industry, but unlike the concentration ratio, the Index includes sales in the United States by foreign firms. D) squaring the four-firm concentration ratio of the industry and dividing this number by the total number of firms in the industry.
Other things remaining unchanged, the longer the time period under consideration, the greater will be the price elasticity of demand
a. True b. False Indicate whether the statement is true or false
The stronger the product differentiation in monopolistic competition, the:
A. Less elastic the demand curve, and production will take place further to the left of minimum average costs B. Less elastic the demand curve, and production will take place further to the right of minimum average costs C. More elastic the demand curve, and production will take place further to the left of minimum average costs D. More elastic the demand curve, and production will take place further to the right of minimum average costs