The most reliable measure of market concentration is:
a. the Cost of Living index.
b. the Herfindahl-Hirschman index.
c. the Market index.
d. the Market-Value weighted index.
e. the Wholesale Price index.
b
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Use the data in the table below to answer the next question. The data describes a hypothetical economy and are denominated in billions of dollars.Personal consumption expenditures$4,500Consumption of fixed capital150Gross private domestic investment800Government purchases950Exports65Imports85What is the value of net exports in this economy?
A. ? $20 billion B. ? $65 billion C. $20 billion D. $150 billion
Which of the following does NOT explain the extent of trade between Ireland and the U.S.?
A) historical ties B) cultural Linguistic ties C) Gravity Model D) multinational corporations E) large numbers of Irish-Americans
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200 and Qd = 500 - 0.02W, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?
A. W = 0.02Q - 500 B. W = 0.02Q + 500 C. W = 25,000 - 50Q D. W = 200Q + 50,000
Your local farmer has many competitors and exists in a market structure known as perfect competition
This means that price is determined outside of the individual farmer's ability to charge a price higher than the going market for a bushel of wheat, hence the farmer is A) a price maker and can therefore charge different customers different prices. B) always able to price produce above the competition and earn a larger profit. C) never able to determine any prices he charges for anything, such as soybeans. D) a price taker and cannot affect the market price of wheat.