Concentration ratios are generally computed for ________ markets
A) local
B) regional
C) national
D) global
C
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In the figure above, if there is no Ricardo-Barro effect, the government has a ________ because ________
A) budget deficit; there is no Ricardo-Barro effect. B) balanced budget; there is no Ricardo-Barro effect. C) budget surplus; the SLF curve lies to the right of the PSLF curve. D) budget surplus; there is no Ricardo-Barro effect. E) budget deficit; the SLF curve lies to the right of the PSLF curve.
The term "opportunity cost" points out that
A) there may be such a thing as a free lunch. B) not all individuals will make the most of life's opportunities because some will fail to achieve their goals. C) executives do not always recognize opportunities for profit as quickly as they should. D) any decision regarding the use of a resource involves a costly choice.
This chapter talked about the idea of independent events
a. Suppose you draw a card from a standard deck of cards, put that card back in the deck, and draw a second card. Are the events "Draw a diamond the first time" and "Draw a diamond the second time" independent events? b. Suppose you draw a card from a standard deck of cards, you do notput that card back in the deck, and draw a second card. Are the events "Draw a diamond the first time" and "Draw a diamond the second time" independent events?
Refer to Figure 13-12. If the diagram represents a typical firm in the designer watch market, what is likely to happen in the long run?
A) The firms that are making losses will be purchased by their more successful rivals. B) Inefficient firms will exit the market and new cost-efficient firms will enter the market. C) Firms will have to raise their prices to cover costs of production. D) Some firms will exit the market causing the demand to increase for firms remaining in the market.