Concentration ratios may be inaccurate indicators of the degree of monopoly power in an industry because:
A. they include interindustry competition.
B. foreign competition is not considered.
C. they are only calculated for local and regional markets.
D. they do not distinguish between normal and economic profit.
Answer: B
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Which of the following statements is TRUE about the success of the World Bank?
A) The World Bank has been successful because it has focused on its primary function of making loans to governments. B) The World Bank has not been successful because it has focused on making loans to governments where there has been a loss of confidence in a nation's financial system. C) The World Bank has not been successful because many loans have been made to countries that can attract private funds. D) The World Bank has been very successful in promoting economic growth because loans have been primarily made to countries that have trouble attracting private funds.
Output rises as workers become more educated and skilled.
Answer the following statement true (T) or false (F)
The three main components of the aggregate demand-aggregate supply model include
A. SRAS, LRAS, IS. B. AD, SRAS, LRAS. C. AD, IS, LM. D. AD, SRAS, LM.
The responsiveness of the quantity demanded of one good to a change in the price of a different good is measured by the:
A. cross-price elasticity of demand. B. income elasticity of demand. C. price elasticity of supply. D. price elasticity of demand.