One of the reasons that concentration ratios are not a perfect measure of competitiveness is that they
A) do not measure how high the industry's prices are.
B) cannot be measured.
C) ignore potential competition.
D) tell nothing about how high prices were in the past.
C
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The farmer pays 20 cents for the seed that is sold to the miller for 35 cents; the miller makes flour and sells it to the baker for 55 cents. The baker makes bread and sells it to the grocery store for 80 cents and the store sells it to consumers for $1.00. The contribution to Gross Domestic Product (GDP) is
a. $1 b. $2 c. $3 d. $4
Early attempts to establish paper money were hampered by:
a. counterfeiting. b. constitutional prohibition against states issuing paper money. c. currency valuations that varied from city to city. d. All of the above are correct. e. Only a and c are correct.
If a wealthy nation such as the United States trades with a poorer, less developed nation like Cambodia, then it is likely true that:
A. the United States is taking advantage of Cambodia and is the only beneficiary to the trade. B. Cambodia is pressured to enter trade and not benefiting at all. C. both the United States and Cambodia can benefit from trading. D. the United States is being charitable and not benefiting from the trade at all.
According to classical economists,
A) spending equals saving. B) saving equals income. C) income equals wealth. D) none of the above