To help pay for the cost of sport related injuries, the government imposes a tax on sellers of all sports equipment. Referring to the above figure, how much tax per unit has the government imposed?
A) cb
B) db
C) ab
D) ca
D
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Assume that the four-firm concentration ratio in an industry is 85 percent. Which of the following statements uses one of the five competitive forces to argue that this industry may be more competitive than its concentration ratio suggests?
A) Even though concentration is high, large firms in the industry may act competitively by spending large sums on advertising. B) The high concentration may be due to patents owned by the largest firms but competition will increase when patent rights expire. C) The threat of entry into this industry can cause firms in the industry to lower their prices and profits in order to deter entry. D) If high concentration is the result of large firms owning much of the available supply of a key input, the industry will become more competitive when new sources of the input are discovered by other firms.
A strong dollar helps U.S. exporters and hurts importers
a. True b. False Indicate whether the statement is true or false
Suppose you are deciding how much oil to pump from your oil well in the next two years. Other things equal, you will be more likely to pump more oil this year than next year if you expect
A. a lower price for oil this year than next year. B. a higher price for oil this year than next year. C. less demand for oil next year than this year. D. the same price of oil this year than next year.
Exhibit 5-11 GDP data (billions of dollars) Personal consumption expenditures$4,750 Exports810 Government spending1,400 Social Security taxes600 Depreciation450 Indirect business taxes550 Imports850 Gross private domestic investment900 Corporate income taxes200 Personal taxes800 Corporate profits50 Transfer payments700 In Exhibit 5-11, and using the expenditures approach, gross domestic product (GDP) equals:
A. $7,010 billion. B. $10,360 billion. C. $9,660 billion. D. $7,860 billion.