The ____ is equal to the sum of the squares of the market shares of all the firms in an industry
a. market concentration ratio
b. Herfindahl-Hirschman index
c. correlation coefficient
d. standard deviation of concentration
e. none of the above
b
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Gross income net of taxes is known as ________
A) Gross Domestic Product, or GDP B) disposable income C) Gross Domestic Product per capita D) retained earnings
Any point on the contract curve is Pareto efficient regardless of the initial endowment
Indicate whether the statement is true or false
Suppose we were analyzing the pound per Swiss franc foreign exchange market. If Switzerland's price level rise relative to England and nothing else changes, then the: a. The supply of Swiss francs in the foreign exchange market rises, and the demand for Swiss francs in the foreign exchange market falls, causing a depreciation of the Swiss franc
b. The supply of Swiss francs in the foreign exchange market falls, and the demand for Swiss francs in the foreign exchange market falls, causing an uncertain change in the value of the Swiss franc. c. The supply of Swiss francs in the foreign exchange market falls, and the demand for Swiss francs in the foreign exchange market rises, causing an appreciation of the Swiss franc. d. Neither supply nor demand in the foreign exchange market change because relative international prices influence trade flows and not the exchange rate. e. The supply of Swiss francs in the foreign exchange market rises, and the demand for Swiss francs in the foreign exchange market rises, causing an uncertain change in the value of the Swiss franc.
If the demand for a product is elastic, the quantity demanded changes by a larger percentage than the percentage change in price
Indicate whether the statement is true or false