Use the information in the table below.Total salesIndustry 1Firm 1$5.3mFirm 2$199,000Firm 3$2.6mFirm 4$850,000What is the Herfindahl index for Industry 1?
A. 3481
B. 9801
C. 4407
D. 30,798
Answer: D
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A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
Classical economists wrote from the 1770s to the ________
A) 1850s B) 1890s C) 1930s D) 1960s
Adding government to the Barro model affects the household budget constraint by
a. adding the present value of real transfers net of real taxes as a source of funds. b. adding the present value of real transfers plus real taxes as a use of funds. c. adding and subtracting the present value of real transfers net of real taxes as a source of funds, for no net effect. d. subtracting the present value of real transfers net of real taxes as a use of funds.
A nation's producers can compete effectively with imports from other nations if:
a. they have an absolute advantage in the production of all goods. b. they have an abundance of unskilled workers. c. they have a high opportunity cost of production. d. the relative price of exports to imports is high. e. the labor cost per unit of output is low.