The North American Industry Classification System (NAICS) categorizes firms by:
A. market structure, ranking them from perfectly competitive to monopoly.
B. market share, and groups firms with like market power.
C. profits, since profits tend to be higher in more concentrated industries.
D. type of economic activity, and groups firms with like production processes.
Answer: D
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A firm is a monopoly if
a. it faces a demand curve for its product that equals market demand. b. it is a very large firm. c. it takes its rivals' actions into account when choosing its price and output levels. d. its production decisions do not affect the price of its product.
Refer to Table 8-22. Consider the data above for a simple economy: Using 2011 as the base year, calculate nominal GDP, real GDP, and the GDP deflator for 2016. Show your work.
Suppose total disposable income in Country X rises by $500 billion while total consumption rises by $50 billion. What would be the slope of the consumption function for this nation?
a. 1 b. 0.1 c. 0.5 d. 0.25 e. 0.4
An industry consists of five firms with equal annual sales. What is the industry's HHI?
A. 2,500 B. 2,000 C. 10,000 D. There is not sufficient information to compute the industry HHI.