Economists measure a market's domination by a small number of firms with a statistic called the
concentration ratio.
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Which type of economy must answer the questions of what goods to produce, how to produce them, and for whom to produce them?
A. A centrally planned economy B. A market-based economy C. A developing economy D. All types of economies must answer these questions.
An increase in labor productivity ________ the real wage rate and an increase in population ________ the real wage rate
A) raises; lowers B) raises; raises C) lowers; lowers D) lowers; raises
The above figure shows the supply and demand curves for high-skilled and low-skilled labor. The figure shows that high-skilled workers earn a wage rate greater than low-skilled workers because
A) the supply of high-skilled labor is greater than the supply of low-skilled labor. B) high-skilled labor has a lower value of marginal product. C) of both the cost of acquiring skills and the differences in the value of marginal products. D) of discrimination.
Why do historians argue that there was a mixture of enterprise, partly private and partly governmental, in building our transportation system?
(a) Private individuals took the initiative and were able to extract special privileges and financial assistance from government for the purpose of enhancing their profits. (b) Political leaders, who wanted transportation improvement for reasons of local or national ambition, took the initiative and coaxed private enterprise into building the transportation system by the offer of special financial advantages. (c) The sheer size of the investment required for a transportation system was beyond the capability of private enterprise alone. (d) All of the above ideas have been used by historians to explain the mixture of enterprise in building our transportation system.