Given the information in the table below, calculate (a) the concentration ratio; and (b) the Herfindahl-Hirschman index.
(a) 26 + 20 + 14 + 13 = 73
(b)
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What does the "price elasticity of demand" measure? What does a price elasticity of demand coefficient of 1.2 mean? Does the product have an elastic, unitary elastic or inelastic demand?
A fiscal policy action to close a recessionary gap is to:
A. increase taxes. B. increase the marginal propensity to consume. C. decrease transfer payments. D. increase government purchases.
Isabel receives a check for $7,000 from Kermit and deposits it in her bank. Suppose that the reserve ratio is 10 percent. As a result of this transaction the money supply will:
A. increase by $70,000. B. decrease by $63,000 and then increase by $70,000. C. decrease by $70,000 and then increase by $63,000. D. not change.
If the government attempts to control pollution with a command-and-control policy:
A. the government will command each firm to produce no more than a certain level of pollution. B. the government will control the firm's entire production process. C. the government will force the firm to use particular pollution-control technologies. D. All of these