The economies of most less-developed countries (LDCs) are based on:
A. agriculture.
B. manufacturing.
C. services.
D. oil.
Answer: A
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If doubling the quantity of inputs more than doubles the quantity of outputs, the firm is experiencing
A. increasing returns to scale. B. decreasing returns to scale. C. constant returns to scale. D. increasing costs per unit of output.
If indifference curves cross, then:
A) the assumption of a diminishing marginal rate of substitution is violated. B) the assumption of transitivity is violated. C) the assumption of completeness is violated. D) consumers minimize their satisfaction. E) all of the above
A monopoly which arises from significant economies of scale is referred to as a
A) monopolistic competitor. B) strategic resource monopoly. C) natural monopoly. D) patent monopoly.
If a 50 percent increase in the price of pizza results in a 25 percent decrease in the quantity demanded of pizza, then the price elasticity of demand for pizza:
a. is equal to 0.5 and demand for pizza is inelastic. b. is equal to 0.5 and demand for pizza is elastic. c. is equal to 2 and demand for pizza is elastic. d. is equal to 2 and demand for pizza is inelastic. e. cannot be determined from the information provided.