Which of the following refers to the extent to which an individual's life is intertwined with a large cohesive group?
a. Protectionism
b. Collectivism
c. Isolationism
d. Pluralism
e. Interventionism
Ans: b. Collectivism
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Which of the following is false about gold as money?
A. It is acceptable to traders. B. It is durable. C. The money supply would be easy to control because of the predictability of new gold discoveries. D. It has value other than money.
A shift of the supply curve of DVDs raises the price of a DVD from $9.50 to $10.50 a DVD and reduces the quantity demanded from 41 million to 39 million DVDs a month. The price elasticity of demand for DVDs is
A) 2 million DVDs a month per dollar. B) $1 per 2 million barrels a day. C) 0.5. D) 2.0.
ATC is
A) TC/q. B) q/TC. C) AFC - AVC. D) ?TC - ?q.
Explain how firms' production functions and cost curves will change as science and technology advance and as the knowledge of how to organize and manage resources improves.
What will be an ideal response?