If there are five firms in an industry, each with a market share of 20 percent, the Herfindahl-Hirschman Index (HHI) of concentration is

Labor productivity is equal to the quantity of

A) real GDP. B) real GDP consumed by the total population in one hour. C) real GDP produced by one hour of labor. D) workers employed during one hour. E) workers who are gainfully employed.

Which of the following is true of central banks?

A) They are responsible for issuing currency. B) They control the amount of money in circulation. C) They have considerable influence over the level of interest rates. D) all of the above

A wealthy economy is likely to choose to produce all consumption goods and no capital goods

Indicate whether the statement is true or false

An elasticity of supply of 2.7 means that:

A. quantity supplied changes 2.7 units for each 1 percent change in price. B. supply is inelastic. C. quantity supplied changes 2.7 percent for each 1 percent change in price. D. price changes by 2.7 percent for each 1 percent change in quantity supplied.