The possibility that the economy may benefit from having market power, rather than being very competitive, is closely identified with which famous economist?
A) Arnold Harberger B) Donald Turner
C) Joseph Schumpeter D) Sergey Brin
C
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Of the following types of games, tension between cooperation and individual self-interest tends to be greatest in
A) an assurance game. B) a pure coordination game. C) a chicken game. D) a battle of the sexes game.
The four largest firms in an industry account for the following value of industry revenues: 12 percent, 8 percent, 5 percent and 4 percent. Calculate the four-firm concentration ratio. Would this industry be regarded as competitive or concentrated?
What will be an ideal response?
The incentive to work is an ingredient of the negative income tax because
a. if families do work, they will be eliminated from the program b. if families don't work, they will be eliminated from the program c. the more income earned in the workplace, the higher the family's after-tax income d. the more income earned in the workplace, the higher the payment from the government e. the amount earned in the workplace is not subject to income taxes
The two-year interest rate is an average of the expected interest rate each of the two years.
Answer the following statement true (T) or false (F)