As concentration in an industry increases, the Herfindahl index falls
a. True
b. False
B
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As people have more time to adjust to a price change,
a. demand becomes more elastic, and supply becomes less elastic. b. demand becomes less elastic, and supply becomes more elastic. c. both supply and demand become less elastic. d. both supply and demand become more elastic. e. elasticity of both demand and supply tends toward unity.
The capital account balance is equal to the negative of
A. Unilateral transfers + exports + imports. B. Trade balance + unilateral transfers + net investment income. C. Trade balance + current account balance + services balance. D. Current account balance + exports + unilateral transfers.
If the wage rate were $90, how many workers would be hired?
Production that uses large amounts of human effort rather than machinery is said to be ______.
a. labor inefficient b. capital intensive c. labor intensive d. capital inefficient