A firm's market share can be measured by
a. firm's sales/industry sales
b. industry sales/firm's sales
c. the concentration ratio
d. the HHI
e. firm's sales/firm's profits
A
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Refer to the figure above. If this were a voluntary restraint agreement, the welfare costs to the importing country would be
A) $14,000. B) $18,000. C) $38,000. D) $60,000.
Based on the theory of the expectations-augmented Phillips curve, if the expected inflation rate is 2%, the short-run Phillips curve will
A) have a kink at an inflation rate of 2%. B) be the same as the long-run Phillips curve. C) intersect the long-run Phillips curve at the natural unemployment rate, when the inflation rate is 2%. D) be horizontal at an expected inflation rate of 2%.
A Texas oil company extracts petroleum and sells it to a refinery for $1,000 . After processing, the refinery sells the gasoline to a wholesaler for $1,500, who then sells it to a gas station for $1,700 . The gas station sells it to customers for $2,500 . In these transactions, how much has been added to GDP?
a. $1,000 b. $1,500 c. $1,700 d. $2,500 e. $6,700
(Consider This) Suppose that a large tree on Betty's property is blocking Chuck's view of the lake below. Betty accepts Chuck's offer to pay Betty $100 for the right to cut down the tree. This situation describes:
A. the Coase theorem. B. the optimal allocation of a public good. C. nonrivalry and nonexcludability. D. a market for externality rights.