Markets can fail when there is
A) a clear definition of property rights.
B) common property.
C) an absence of externalities.
D) competition.
B
Economics
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Each of the four firms in an industry has a market share of 25 percent. The Herfindahl-Hirschman Index equals
A) 3,600. B) 100. C) 625. D) 25. E) 2,500.
Economics
Which of the following is the formula for the average product of labor?
A. F(L) - F(L - ?L) B. F(L)/L C. F(L)/?L D. [F(L) - F(L - ?L)]/?L
Economics
The statistical analysis of economic phenomena is defined as:
A. confidence intervals. B. econometrics. C. standard error. D. the t-statistic.
Economics
The existence of discouraged workers will lead to an official unemployment rate that is:
A. overstated. B. understated. C. either overstated or understated. D. unbiased.
Economics