Four-Firm Concentration Ratios
The most oligopolistic industry of those presented in the above table is likely to be industry
A. W.
B. X.
C. Y.
D. Z.
Answer: C
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The labor force in an economy consists of all: a. the people in the economy who are not retired
b. the people in the economy over 16 years of age. c. the adults in the economy between 18 and 65 years old who are able to work. d. the civilian noninstitutional adult population that is either working or looking for work. e. the noninstitutional adult population who are graduates of high school.
As inflation rates increase, shoppers will be forced to
a. shop more at a particular store. b. spend less time comparing prices. c. spend less time visiting other stores. d. spend more time comparing prices.
Which of the following is true about the consumer price index?
A) It accounts for people switching to goods whose prices have fallen. B) It assumes that consumers purchase the same amount of each product in the market basket each month. C) It frequently updates the price changes of new products added to the market basket, as these have a tendency to fall. D) It filters out the part of price increases that occurs because of quality improvements in products.
Voluntary restraint agreements are
A. a type of tariff in which the tax is a fixed amount per unit of good imported. B. a type of quota that actually benefits the firms facing the restrictions. C. a type of tariff in which the tax is based on the value of the good. D. a type of quota agreed to "voluntarily" in order to prevent more severe protection of another type.