The steam engine was one of the basic innovations of the ____, which began in England around the year ____.
Fill in the blank(s) with the appropriate word(s).
industrial revolution; 1750
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Suppose there are seven firms in a market where the three largest firms supply 20% of the market-clearing quantity and the other four firms supply 10% of the market-clearing quantity. What is the five-firm concentration ratio (i.e
, the share of total sales controlled by the five largest firms in the market)? A) 60% B) 70% C) 80% D) 90%
According to economic theory what is the optimal percentage of GDP to be spent on medical care?
a. 6 percent. b. 8 percent. c. 10 percent. d. 12 percent. e. There is no widely-accepted way to determine the optimal percentage.
Risk
What will be an ideal response?
Board members act in the best interests of the firm:
A. when they take an extremely cautious approach to ratifying decisions. B. because they are legally required to do so. C. when they do not own stock in the firm. D. because they wish to maintain a good reputation in order to be offered other board positions.