The "constant dollar" price is:
A) the real price of a good.
B) the nominal price of a good adjusted for inflation.
C) the "current dollar" price adjusted for inflation.
D) all of the above
E) none of the above
D
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All of the following are considered to be problems associated with the use of concentration ratios to measure market power except:
A) the market definitions used in their construction may be arbitrary. B) two different markets with the same concentration ratio may have very different distributions of market share among firms used to calculate the concentration ratio. C) consideration of exports and imports generally causes concentration ratios to be overstated. D) concentration ratios are often based on national statistics and may not reflect substantial concentration in a market at a more localized level.
An agreement between the dominant firm and the fringe members to keep output low often breaks because:
a. the fringe firms usually appropriate a larger share of the profits. b. the agreement is not self enforcing. c. the dominant firm usually appropriates a larger share of the profits. d. both have an incentive to charge a higher price for their output.
Economist John Maynard Keynes wrote that the economy naturally gravitates toward smooth growth and high levels of employment
a. True b. False Indicate whether the statement is true or false
Expansionary fiscal policy definitely raises the exchange rate.
Answer the following statement true (T) or false (F)