Which of the following does not correctly characterize modern economic growth?
A. It spread slowly across the globe, with some societies not having experienced it yet
B. It has occurred only in the last 200 or so years
C. It drastically alters the culture and politics of society
D. It has not affected the average lifespan of human beings
D. It has not affected the average lifespan of human beings
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The square of the percentage market share of each firm summed over the 50 largest firms in a market is the
A) elasticity of demand value. B) elasticity of supply value. C) Herfindahl-Hirschman Index. D) four-firm concentration ratio. E) fifty-firm concentration ratio.
In which of the following situations would each of the members be responsible for producing an equal share of the total amount of output sold by the cartel engaged in joint profit maximization?
A) When the amount of revenue generated by each member of the cartel is the same. B) When there are no economies of scale in production. C) When each member of the cartel is using the same scale of production. D) When marginal costs of production are the same for each of the members of the cartel.
Which of the following is a bank liability?
a. required reserves b. excess reserves c. actual reserves d. demand deposits e. loans
The opportunity cost of going to college:
A. is zero if your parents pay your tuition. B. is equal to the cost of tuition, room and board, and other expenses. C. includes wages you lose by going to school instead of working. D. is the same for all students at a particular school who pay full tuition.