Which of the following indicates a high degree of competition?
A) A HHI that is between 1,800 and 2,800.
B) A HHI that exceeds 2,800.
C) A concentration ratio that is less than 40 percent.
D) A concentration ratio that is greater than 60 percent.
C
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What are the two features of a public good?
A) nonrival and excludable B) nonrival and nonexcludable C) rival and excludable D) rival and nonexcludable
If a bushel of corn sells for $2 in the United States and for 4,000 COP (Colombian peso) in Colombia, and if 1 dollar is worth 2,200 COP, then:
a. the corn is 400 COP more expensive in Colombia. b. the corn is 400 COP cheaper in Colombia. c. the price of a bushel of corn equals $2 in both the United States and Colombia. d. the price of corn is 4,000 COP lower in Colombia than in the United States. e. the price of corn is $0.20 lower in the United States than in Colombia.
Empirical evidence suggests that the United States ran close to a balanced budget during the World War II
a. True b. False Indicate whether the statement is true or false
Consider the market for land. Suppose the value of the marginal product of land decreases. Holding all else constant, the equilibrium rental price for land will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium rental rate.