Real income equals a household's income
A) in terms of the quantity of goods the household can buy.
B) multiplied by the prices of the goods it buys.
C) divided by the prices of the goods it buys.
D) multiplied by the relative prices of the goods it buys.
A
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As of the end of 1994 the country in our survey with the smallest stock market in dollar terms was
A) the United States. B) the United Kingdom. C) Japan. D) Germany.
The outcome of a colluding oligopoly:
A. is more efficient than that of a competitive oligopoly. B. is the same as that of a monopolist. C. is less efficient than that of a monopolist. D. is more efficient than that of a monopolist.
The accompanying supply-demand diagram shows the market for calculators. The initial price of calculators is P0, and the initial quantity exchanged is Q0.
Which of the following situations could be correctly illustrated by the diagram?
a. Graphing capabilities and other new features lead people to buy more calculators.
b. The cost of memory chips used in calculators falls, lowering the price of calculators.
c. Personal computerized notepads with substantial computing power are introduced, reducing people's need for calculators.
d. A heavy tariff is placed on calculators imported from overseas.
The above table shows the market shares for all the landscaping services in a suburban area. A merger between firms E and F would
A) raise the four-firm concentration ratio. B) have no effect on the four-firm concentration ratio. C) lower the four-firm concentration ratio. D) create a monopoly.