An industry consists of six firms with annual sales of $300, $500, $400, $700, $600, and $600. What is the industry's HHI?
A. 1,659
B. 1,909
C. 1,839
D. 1,779
Answer: D
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Which of the following statements is FALSE?
A) A consumer has only one indifference curve. B) A consumer possesses a preference map. C) An indifference curve is a curve that shows the combination of goods among which a consumer is indifferent. D) The marginal rate of substitution is the rate at which a consumer will give up good y to get more of good x and remain on the same indifference curve.
In general, it is reasonable to assume that the average person's standard of living is ____________ in a ____________ economy than in a ____________ economy.
A. higher; money; barter B. lower; barter; money C. higher; barter; money D. lower; money; barter a and b
Briefly describe economic growth in Latin America from 1900 to the 1980s
What will be an ideal response?
In Classical economic theory, full employment is thought to be restored in the long-run because:
a. If unemployment were anywhere but at full employment, the government and central bank would react and have time to move the economy to where it should be. b. The natural forces of supply and demand in the labor force change the real wage and eliminate labor surpluses and deficits. c. Antitrust legislation will have time to take effect and to solve any economic imbalances. d. International organizations, such as the International Monetary Fund, step in to ensure the nation returns to full employment. e. None of the above is correct because Classical economic theory does not believe that an economy will move automatically toward full employment in the long run.