A rise in the money wage rate shifts the
A) AD curve rightward.
B) AD curve leftward.
C) AS curve rightward.
D) AS curve leftward.
E) potential GDP curve rightward.
D
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Suppose an industry is made up of 25 firms, all with equal market share. The four-firm concentration ratio of this industry is
A) 16%. B) 20%. C) 25%. D) It cannot be determined from the information given.
Which of the following is NOT an example of a common property resource?
A) Water in underground aquifers B) Public highways in large cities C) Fish stocks in open waters D) Outdoor concerts
The equilibrium level of GDP is associated with:
A. an excess of planned investment over saving. B. no unintended changes in inventories. C. an unintended decrease in business inventories. D. an unintended increase in business inventories.
Other things equal, increasing home prices tend to
A. force homeowners to spend less than they earn. B. increase the likelihood that homeowners will default on their mortgages. C. allow homeowners to spend more than they earn. D. leave homeowners' ability to spend unaffected.