In a _______________________, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by buyers and sellers.
A. market-oriented economy
B. macroeconomy
C. microeconomy
D. command economy
A. market-oriented economy
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The Herfindahl-Hirschman Index measures market concentration in an industry by summing the square of the percentage market shares for
A) the 4 largest firms. B) the 50 smallest firms. C) the 4 smallest firms. D) the 50 largest firms. E) all firms in the market.
What is the relationship between economic development and the political institutions of democracy?
What will be an ideal response?
Which of the following statements about a monopolist is TRUE?
A) Monopolies tend to misallocate resources. B) All monopolies are unlawful in the United States. C) Monopolies tend to allocate resources in a socially optimal manner. D) Monopolies will always make a profit in the long run.
The World Trade Organization (WTO)
a. members are required to eliminate tariffs and customs duties b. supervises trade in merchandise and in services c. supervises merchandise trade only d. members are required to eliminate ad valorem tariffs but not specific tariffs e. includes all nations with populations greater than 10 million, with the exception of North Korea and Cuba