Which government agency publishes four-firm concentration ratios?
A) the Economic Council B) the U.S. Bureau of the Census
C) the Federal Reserve System D) the Treasury Department
B
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The peak phase of the business cycle represents
A) a temporary maximum output level of Gross Domestic Product (GDP).
B) an increase in foreign investment.
C) a labor surplus.
D) falling prices.
The concept of ________ explains how trade between two countries can make each better off
A) absolute advantage B) comparative advantage C) autarky D) trade barriers
In a Cournot equilibrium, each firm chooses an output level that
a. maximizes joint profits. b. maximizes the price received. c. maximizes profits given what the other firm produces. d. maximizes revenue given what the other firm produces.
Consumers express self—interest when they:
A) reduce business losses. B) collect economic pro?ts. C) search for jobs with the highest wage,