The four-firm concentration ratio
A) indicates the total profitability among the top four firms in an industry.
B) is an indicator of the degree of monopolistic competition.
C) indicates the presence and intensity of an oligopoly market.
D) is used by the government as a basis for anti-trust cases.
C
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Refer to Figure 2-10. In the circular flow diagram, market K represents
A) product markets. B) firms. C) households. D) factor markets.
You own a tract of trees and are deciding whether to harvest them now or next year. If you harvest them now, you can invest the proceeds and get a return of 5% on your investment. What should you do?
a. Let the trees grow as long as their dollar worth increases by more than 5% b. Let the trees grow c. Cut down the trees, and sell them d. Let the trees grow as long as their dollar worth increases by less than 5%
Individual transferable quotas (ITQs) have been shown to
a. increase the value of fisheries but reduce the safety of fishers as the season is shortened. b. end overfishing by making the use of efficient technology illegal. c. increase the safety of fishing but not the value to consumers of the product. d. increase the value to consumers of the product and raise the price received by fishers.
Which of the following is not a source of technological advancement for a producer?
A) better trained workers B) more efficient physical capital C) higher skill level of managers D) outsourcing some aspect of production