Consider an oligopoly that has two firms, one with a 75 percent market share and the other with a 25 percent market share. The Herfindahl index for this market is:

Refer to Figure 2-16. One segment of the circular flow diagram in the figure shows the flow of goods and services from market C to economic agents A. What is market C and who are economic agents A?

A) C = factor markets; A = households B) C= product markets; A = firms C) C = factor markets; A = firms D) C = product markets; A = households

Which of the following was one of the most important achievements of the Uruguay Round of trade talks?

A) The creation of the WTO. B) The creation of the IMF. C) The creation of the World Bank. D) The creation of the GATT organization for international trade.