If multiplier effects are ____ than policy makers expect or the natural rate of real output is _____ than expected, monetary policy will tend to undershoot its intended effects

If an industry is dominated by three large producers whose revenues represent 30%, 30%, and 30% of the market's total revenues with the remaining two firms each representing 5%, what would be the four firm concentration ratio and the Herfindahl-Hirschman Index for this industry?

a. 95%; 2,725 b. 95%; 2,750 c. 70%; 9,975 d. 70% 10,000

Which one of the following statements regarding the intertemporal substitution hypothesis is false?

A. Labor supply responds to changes in the real wage. B. Wages and hours of leisure will tend to move together over the course of the life-cycle. C. Workers are willing reduce labor supplied during a recession. D. Increases in unemployment may be voluntary as workers collect unemployment insurance benefits. E. Increases in unemployment may be voluntary as workers trade income for leisure during low-wage periods.