The "Discount Department Stores" industry is highly concentrated. What does this mean?
A) The sales volume in this industry is consistently high.
B) There are many large stores such as Wal-Mart, Target, Kohl's, in this industry.
C) A few large stores account for a significant portion of industry sales.
D) There is cut-throat competition in this industry because there are no entry barriers.
C
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An advantage of a partnership over a proprietorship is
A) limited liability. B) that profits are not taxed twice. C) the ability to take advantage of greater specialization. D) that it is easier to dissolve.
Which of the following calculations will yield the correct measure of real GDP?
A) divide nominal GDP by the consumer price index B) divide the GDP deflator by the consumer price index C) multiply nominal GDP by the consumer price index D) multiply nominal GDP by the GDP deflator E) none of the above