An industry having a four-firm concentration ratio of 85 percent:
A. approximates pure competition.
B. is monopolistically competitive.
C. is a pure monopoly.
D. is an oligopoly.
Answer: D
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When the price of a good increases, it
A. leads suppliers to place few goods on the market. B. the demand for the good shifts. C. leads consumers to want to buy more or less than before at a given price. D. a movement down along the demand curve will occur.
The production possibilities frontier
A) depicts the boundary between those combinations of goods and services that can be produced and those that cannot given resources and the current state of technology. B) shows how many goods and services are consumed by each person in a country. C) is a model that assumes there is no scarcity and no opportunity cost. D) is a graph with price on the vertical axis and income on the horizontal axis.
If the total government expenditure in a country during a particular year amounts to $4.9 million and its total tax collection in the same year is $5.9 million, then:
a. there is a budget deficit of $4 million. b. there is a budget surplus of $10 million. c. there is a budget deficit of $1 million. d. there is a budget surplus of $1 million.
The United Steelworkers is an example of a(n)
A) craft union. B) industrial union. C) public-sector union. D) guild.