The concentration ratio of a monopoly industry is 100 percent
Indicate whether the statement is true or false
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Between the base period and the next period, prices stay constant. The GDP price index in the next period
A) cannot be calculated without knowing how much the quantity changed. B) is equal to 1 because there is no change. C) is equal to 50 because there is no change. D) will equal 0 because there is no change. E) is equal to 100 because there is no change.
In an economy where actual real GDP is always equal to the natural real GDP, inflation
A) settles down to zero percent. B) is at the same rate as GDP growth. C) is constant at a rate that can be low or high. D) fluctuates around an average of zero percent.
According to the circular-flow diagram GDP
a. can be computed as the total income paid by firms or as expenditures on final goods and services. b. can be computed as the total income paid by firms, but not as expenditures on final goods and services. c. can be computed as expenditures on final goods and services, but not as the total income paid by firms. d. cannot be computed as either total income paid by firms or expenditures on final goods and services.
The consumer price index measures the cost of:
A. a changing basket of goods and services. B. all goods and services purchased by consumers. C. a fixed basket of goods and services. D. goods and services required to live above the poverty level.