The U.S. Justice Department, on the basis of the Herfindahl index, classifies the industries with the value:
a. below 500 as highly competitive; 500-1000 as moderately competitive; and above 1000 as highly concentrated.
b. below 1000 as highly competitive; 1000-1500 as moderately competitive; and above 1500 as highly concentrated.
c. below 500 as highly competitive; 500-1500 as moderately competitive; and above 1500 as highly concentrated.
d. below 1000 as highly competitive; 1000-1800 as moderately competitive; and above 1800 as highly concentrated.
e. below 1500 as highly competitive; 1500-2000 as moderately competitive; and above 2000 as highly concentrated.
d
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The supply-side effects of an income tax cut ________ potential GDP and ________ aggregate supply
A) increases; do not change B) increase; increase C) decrease; increase D) decrease; decrease E) increase; decrease
Suppose milk and chocolate syrup are complements (mixed together they make chocolate milk). If the price of milk increased by exactly 25%, the economic way of thinking suggests
A) the demand for milk would decrease. B) the demand for chocolate syrup would decrease. C) the demand for milk would decrease by exactly 25%. D) the demand for chocolate syrup would decrease by exactly 25%.
Explain the relationship among the capital stock, gross investment, net investment, and depreciation
What will be an ideal response?
The argument that supply of apartments is inelastic in the short run is based on the idea that
A. it takes time to build new apartments. B. it is costly to move to a different location. C. landlords will fix up many new apartments when there are small changes in rent. D. people will change apartments quickly when there are small changes in rent.