As the definition of products narrows (i.e., becomes more specific), the concentration ratio
A. is not valid.
B. tends to increase.
C. tends to decrease.
D. does not change in any predictable manner.
Answer: B
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When the price of an inferior good decreases,
a. both the income and substitution effects encourage the consumer to purchase more of the good. b. both the income and substitution effects encourage the consumer to purchase less of the good. c. the income effect encourages the consumer to purchase more of the good, and the substitution effect encourages the consumer to purchase less of the good. d. the income effect encourages the consumer to purchase less of the good, and the substitution effect encourages the consumer to purchase more of the good.
Can economic competition be viewed as a positive force for growth and progress?
A. Yes, because economic competition of any type always leads to growth and progress. B. No, because economic competition historically had neither a positive nor a negative effect. C. Yes, as long as it is conducted within a fair set of rules. D. No, because there is more poverty today than in the past.
A fall in which of the following would increase the money multiplier?
a. The monetary base b. A change in M1 c. The level of Federal Reserve open market purchases d. An increase in the currency to checkable deposit ratio e. All of the above
What is the percentage of income received by the lower three quintiles on line K?
