The HHI is calculated by summing the square of the percentage shares of the firms in the market.
Answer the following statement true (T) or false (F)
True
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Refer to the table above. Which of the following is true?
A) Country X has a comparative advantage in the production of rice. B) Country X has a comparative advantage in the production of wheat. C) Country Y has an absolute advantage only in the production of wheat. D) Country Y has an absolute advantage only in the production of rice.
Refer to Figure 10-8. Given the budget constraint in the diagram, which of the following statements is false?
A) Consumption bundles b and c yield the same level of utility, which is higher than the utility represented by bundle a. B) The consumer's optimal bundle could be bundle d, e, or f. C) Although the consumer receives the same level of utility from bundles d and e, she cannot afford to purchase bundle d. D) The consumer receives the same level of utility from consumption bundles d, e, and f.
An essential characteristic of a perfectly competitive market is:
A. buyers and sellers share market power. B. sellers are price makers. C. goods are standardized. D. goods are unique.
Which of the following best describes compensating wage differentials?
A. Some jobs are more difficult than others, and the pay for them reflects this. B. Some jobs require more training than others, and the pay for them reflects this. C. Some jobs require more experience than others, and the pay for them reflects this. D. Some jobs require unique abilities, and the pay for them reflects this.