The share of ________ by the top firms is known as the concentration ratio.
A. outstanding shares of stock issued
B. industry output in sales or employment accounted for
C. resources used in production
D. the labor force employed
Answer: B
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The group responsible for deciding on monetary policy is the
A) Federal Advisory Council. B) Board of Governors only. C) Federal Open Market Committee. D) group of 12 Federal Reserve Bank presidents only.
________ are non-excludable in consumption
A) Public goods and private goods B) Public goods and common pool resources C) Private goods and club goods D) Club goods and common pool resources
Refer to Figure 4.2. The substitution effect on the quantity of clothing purchased is:
A) the change from C3 to C1. B) the change from C3 to C2. C) the change from C2 to C1. D) the change from C1 to C2. E) none of the above
A pizza is
a. excludable and rival in consumption. b. excludable and nonrival in consumption. c. nonexcludable and rival in consumption. d. nonexcludable and nonrival in consumption.