A Herfindahl-Hirschman Index of 10,000 would mean there is (are) how many firm(s) in the industry?
A. 1
B. 10
C. 1,000
D. 10,000
A. 1
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If currencies around the world are based on the gold standard, and the EU lowers the amount of gold for which the euro will trade, then holding all else constant,
A) the euro will depreciate against the dollar. B) the value of U.S. exports to EU countries in terms of the euro will decrease. C) the value of the euro relative to the dollar will stay constant. D) the euro will appreciate against the dollar.
According to Gresham's Law,
a. inflation and unemployment are inversely related. b. tax rates and tax revenues are inversely related. c. bad money drives out good money. d. inflation is inevitable in the long run.
The Scarcity Principle tells us ________, and the Cost-Benefit Principle tells us ________.
A. how to make good choices; that choices involve costs and benefits B. how to make choices; that choices must be made C. that choices must be made; how to make good choices D. that good choices eliminate scarcity; how to make good choices
Relative to a competitively organized industry, a monopoly is more likely to produce
A. more output, charge higher prices, and earn economic profits. B. less output, charge lower prices, and earn economic profits. C. less output, charge lower prices, and earn only a normal profit. D. less output, charge higher price, and earn economic profits.