The concentration and HHI reported in the U.S. Bureau of Census must be interpreted with caution since:
A. the definition of product classes used to define an industry affects the results.
B. they are based on figures for the entire national market.
C. they are calculated by excluding foreign imports, hence they bias upward the degree of concentration.
D. All of the answers are correct.
Answer: D
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In the United States, if a customer at HDFC bank writes a check and the recipient of the check deposits the check in Citibank, then the check is cleared by:
A) Citibank. B) the Fed. C) HDFC bank. D) either HDFC bank or Citibank.
To convert nominal economic data from several different years into real, inflation-adjusted data, the starting point is to choose a ____________ year.
a. base b. future c. past d. compliant
If a country has a high level of growth in income, it:
A. must have a high level of income. B. must be rapidly increasing its GDP per capita. C. must have an equitable distribution of wealth. D. All of these are true.
Why is it necessary for all economic systems to not only provide people with goods and services, but also restrict them from getting as much of these goods and services as they wish?
A) Failure to do this could reduce the efficiency of the system by producing some goods and services that are not as highly valued as others. B) Failure to do this could lead to an inequitable allocation of goods and services produced. C) Failure to do this will lead to drastic shortages of all goods and services. D) Failure to do this could reduce efficiency and lead to an inequitable allocation of output.