Which of the following markets would have the highest Herfindahl index? A market with
a. ten firms of widely different sizes
b. ten firms of approximately the same size
c. five firms of widely different sizes
d. five firms of approximately the same size
e. eight firms exactly the same size
C
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What are the two defining features of a public good?
a. excludability and rivalrous consumption b. common pool consumption and positive externalities Incorrect. Please review Top Ten Concept # 9. c. negative externalities and excludability d. rivalrous consumption and common pool consumption e. non-excludability and non-rivalrous consumption
Suppose that consumption spending is $4,200 billion, spending on durable goods is $1,200 billion, and spending on services is $2,000 billion. What does spending on nondurable goods equal?
A) $7,200 billion B) $1,000 billion C) $2,200 billion D) $3,200 billion E) There is not enough information to answer this question.
To achieve its target when the federal funds rate is above the target range, the Fed could:
A. increase the reserve requirement. B. sell bonds. C. buy bonds. D. increase the discount rate.
During the Great Depression, many industrial countries tried protecting domestic jobs by raising tariffs. Economic theory would suggest that the result would be
A) success for only the countries that raised tariffs first. B) success for firms that had a comparative advantage in manufactured goods rather than agricultural goods. C) reduced exports and volume of trade for everyone. D) increased incomes in the countries that pursued this policy.