The rate of product transformation (RPT) measures the ability of:

The rate of product transformation (RPT) measures the ability of:
 a. a consumer to trade one good for another while still maximizing his or her utility.
  b. a firm to substitute one input for another and still maintain the same production level.
  c. society to substitute the production of one good for another while still using a fixed supply of inputs efficiently.
  d. a firm to produce a final good while starting with only natural resources.

QUESTION 2

The ____ is equal to the sum of the squares of the market shares of all the firms in an industry.
 a. market concentration ratio
  b. Herfindahl-Hirschman index
  c. correlation coefficient
  d. standard deviation of concentration
  e. none of the above

QUESTION 3

Bid-rigging is less likely in
 a. oral auctions
  b. second-price auctions
  c. first-price sealed-bid auctions
  d. all are equally likely

QUESTION 4

The slope of the production possibility frontier shows:
 a. the marginal rate of substitution between the two goods.
  b. the relative marginal costs of the two goods.
  c. the efficient combination of outputs possible using fixed amounts of input.
  d. the relative marginal productivities of the two goods.

QUESTION 5

The Herfindahl-Hirschman index (also shortened to just the Herfindahl index) is a measure of ____.
 a. market concentration
  b. income distribution
  c. technological progressiveness
  d. price discrimination
  e. none of the above