Which statement is true?
A. Industry X has a higher Herfindahl-Hirschman Index than Industry Y.
B. Industry Y has a higher Herfindahl-Hirschman Index than Industry Z.
C. Industry Z has a higher Herfindahl-Hirschman Index than Industry X.
D. Industries X, Y, and Z have the same Herfindahl-Hirschman Index.
A. Industry X has a higher Herfindahl-Hirschman Index than Industry Y.
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
If it is assumed that capital is alike and freely mobile between economies, the Solow growth model
A) has no need of the recent attempts at improving it. B) suffers from the "exogeneity" problem. C) suffers from the "non-convergence" problem. D) suffers from the "incentives" problem.
Under imperfect multicollinearity
A) the OLS estimator cannot be computed. B) two or more of the regressors are highly correlated. C) the OLS estimator is biased even in samples of n > 100. D) the error terms are highly, but not perfectly, correlated.
Irving R. Associates is granted a patent for a new product for which there are no close substitutes. Which of the following must be true at the profit-maximizing quantity?
a. Price is equal to marginal cost. b. Average revenue is equal to marginal cost. c. Marginal revenue is positive. d. Marginal revenue is less than marginal cost. e. Price is greater than average revenue.