Household savings rates:
A. vary enormously across countries.
B. are remarkably similar across countries.
C. seem to be similar for countries within the same continent.
D. are impossible to compare across countries.
A. vary enormously across countries.
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Suppose an economy has some inflation. Then, after a base year, the value of real GDP will
A) be less than nominal GDP. B) not be different from nominal GDP. C) be greater than nominal GDP. D) will be approximately half the value of nominal GDP.
In the principal-agent problem, the agent is:
A. a person who entrusts someone with a task. B. a person who has the same objectives as the principal. C. a person who carries out a task on someone else's behalf. D. a person who is in charge of a top-secret mission.
The net national gain from trade can be measured using the changes in consumer surplus and producer surplus that result from trade.
Answer the following statement true (T) or false (F)
Compare two markets. In one market, the HHI is 500, in the other market the HHI is 1,500. What must be true of these two markets?
A. The firms in the market in which the HHI is 1,500 have greater market power than do the firms in the market in which the HHI is 500. B. There are more firms in the market in which the HHI is 1,500 than in the market in which the HHI is 500. C. The firms in the market in which the HHI is 1,500 have less market power than do the firms in the market in which the HHI is 500. D. The market in which the HHI is 500 is, by definition, an oligopoly but the market in which the HHI is 1,500 is not an oligopoly.