An economist is told that concentration in the cement industry has increased. He can safely conclude that
a. cement production must have fallen in the industry.
b. competition in the cement industry has decreased.
c. there are fewer cement producers than before.
d. All of the above are correct.
c
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Refer to Table 2-31. This table shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland
a. Which country has an absolute advantage in the production of cell phones? b. Which country has an absolute advantage in the production of lumber? c. What is Estonia's opportunity cost of producing one cell phone? d. What is Finland's opportunity cost of producing one cell phone? e. What is Estonia's opportunity cost of producing one board foot of lumber? f. What is Finland's opportunity cost of producing one board foot of lumber? g. If each country specializes in the production of the product in which it has a comparative advantage, who should produce cell phones? h. If each country specializes in the production of the product in which it has a comparative advantage, who should produce lumber?
An index, based on a telephone survey of 500 households conducted by the University of Michigan, that measures households' attitudes regarding expected business conditions, personal financial conditions, an consumer confidence about purchasing
furniture and major household appliances is called the: A) Consumer Sentiment Index. B) Consumer Confidence Index. C) Consumer Satisfaction Index. D) Consumer Consumption Index.