The "Discount Department Stores" industry is highly concentrated. What does this mean?
A) There are many large stores such as Walmart, Target, Kohl's, in this industry.
B) A few large stores account for a significant portion of industry sales.
C) There is cut-throat competition in this industry because there are no entry barriers.
D) The sales volume in this industry is consistently high.
Answer: B
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An expected increase in the future price of automobiles will lead to
A) an outward shift in demand for automobiles today. B) a reduction in the demand for gasoline today. C) a movement down the demand schedule for automobiles. D) no predictable impact on today's demand for automobiles.
We can calculate how long a country will take to double its real GDP per capita using:
A. its average growth rate. B. its GDP deflator. C. the CPI indexation factor. D. the GDP growth estimator.
Lately, the Chinese authorities seem to be backing away from ____ and the Yuan has ____ relative to the dollar
a. managed-float; devalued b. currency peg; depreciated c. floating rate; revalued d. currency peg; appreciated
When a certain nation abandoned a policy of prohibiting international trade in automobiles in favor of a free-tree policy, the result was that the country began to import automobiles. The change in policy improved the well-being of that nation in the sense that
a. both producers of automobiles and consumers of automobiles in that nation became better off as a result. b. the gains to automobile producers in that nation exceeded the losses of the automobile consumers in that nation. c. the gains to automobile consumers in that nation exceeded the losses of the automobile producers in that nation. d. even though total surplus in that nation decreased, it was still true that consumer surplus and producer surplus increased.