If the market shares of the domestic automobile industry for Ford, General Motors, and Chrysler are 40%, 40%, and 20%, respectively, the Herfindahl-Hirschman Index (HHI) is
What will be an ideal response?
3,600.
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If a firm has increasing returns to scale at all levels of output, the
A. slope of its long-run total cost curve is always negative. B. slopes of its short-run average cost curves are always negative. C. slope of its long-run average cost curve is always negative. D. slope of its production function is always negative.
In a dynamic economy under ideal conditions, the unemployment rate
A) increases as the price level rises. B) is greater than zero percent due to natural unemployment. C) should be zero. D) averages 6 percent. E) decreases as the price level falls.
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Amy's opportunity cost of producing one car is ________ pounds of cheese.
A. 1/250 B. 20 C. 250 D. 1/20
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline