The Herfindahl index:
A. measures the prices charged by oligopolistic manufacturers.
B. is another name for the four-firm concentration ratio.
C. tells us whether oligopolistic firms are engaging in collusion.
D. gives much greater weight to larger firms than to smaller firms in an industry.
Answer: D
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In some developing countries, labor productivity has remained stagnant or fallen because
a. the capital stock has grown at about the same rate or more slowly than the population b. the capital stock has grown faster than the population c. the population has decreased d. foreign labor has been utilized e. wages have dropped
Every Christmas, you buy yourself a lottery ticket. This year, you win the $500 million Powerball. This would most likely cause your consumption function to
A. shift downward temporarily. B. shift upward permanently. C. shift downward permanently. D. shift upward temporarily.
A large amount of intra-industry trade is not compatible with the comparative-advantage theory of trade.
Answer the following statement true (T) or false (F)
Each week Bill buys exactly 10 hot dogs regardless of their price. Bill's own price elasticity of demand for hot dogs IN ABSOLUTE VALUE is:
A. 1. B. greater than 1. C. zero. D. less than 1.