An industry with a Herfindahl-Hirschman index of 5,000 would have ____ firm(s).
A. 1
B. 2
C. 5
D. 10
B. 2
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If 1 - b = WN/PY where W is the nominal wage rate, N is the quantity of labor input, and PY is total income in nominal terms, then labor's share of national income shrinks if
A) (w - p) > (y - n). B) (w - p) < (y - n). C) (w - n) > (y - p). D) (w - n) < (y - p).
In the long-run, if the economy is operating at the full employment level, the equilibrium level of real GDP is determined solely by the:
a. level of unemployment in the economy. b. rate of inflation in the economy. c. real interest rate in the economy. d. aggregate supply curve of the economy. e. aggregate demand curve of the economy.
Smith sends her children to a private school on the other side of town. Tuition per student per year is $15,000. Jones sends her children to a public school on her side of town. Tuition per student per year is $0. Most people seem to think that the private school and public school are equivalent when it comes to educating students. According to a theory discussed in the textbook,
A) Smith lives in a more expensive home than Jones. B) Jones lives in a more expensive home than Smith. C) Smith and Jones live in homes that are priced the same. D) Smith lives in a larger home than Jones. E) none of the above
If a box of Swiss chocolate priced at 100 francs can be purchased for $50, the exchange rate is:
A. 0.50 francs per dollar. B. 4.00 francs per dollar. C. 0.50 dollars per franc. D. 4.00 dollars per franc.