If there are five firms in an industry, each with a market share of 20 percent, the Herfindahl-Hirschman Index (HHI) of concentration is
A) 2000.
B) 400.
C) 100.
D) 20.
A
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The problem of "free riders" arises in a society when goods
A) can't be provided exclusively to the people who pay for them. B) cease to be scarce. C) produced by government are provided to everyone. D) supplied by the private sector are paid for from tax revenue. E) wanted by everyone are priced too low.
Assuming no change in the nominal exchange rate, how will a decrease in the price level in the United States relative to France affect the real exchange rate between the two countries? (Assume the United States is the "domestic" country.)
A) The real exchange rate will rise. B) The real exchange rate will be unaffected. C) The real exchange rate will fall. D) The impact on the real exchange rate cannot be predicted.
Real gross domestic product (GDP) is measured in terms of _____
a. current-year prices b. base-year prices c. foreign currencies d. the quality of goods produced e. hours of employment
If U.S. consumers increase their spending on electric cars by 10 percent, and 10 percent more electric cars are produced, this is known as the
A. majority rule. B. proportional rule. C. profit rule. D. government rule.