Which of the following characteristics is a precondition for economic growth? i. economic freedom ii. free markets iii. active government policy to discourage saving
A) i only
B) ii only
C) iii only
D) Both i and ii
E) Both ii and iii
D
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When demand increases,
A) consumers are willing to buy more at any price. B) consumers buy more of the good only if its price falls. C) the price is lower at any level of quantity demanded. D) consumers buy more of the good only if its price rises. E) the demand curve shifts leftward.
A non-collusive duopoly is an example of: a. a prisoner's dilemma. b. a zero-sum game
c. a dominant strategy. d. a redundant strategy.
Use the above table and assume a fixed cost of $1000. At an output of 3, AVC is
A. $250.
B. $300.
C. $333.
D. $400.
The most significant difference between perfect competition and monopolistic competition is that
A. in a perfectly competitive market there is a small number of sellers, while in a monopolistically competitive market there is a large number of sellers. B. in a perfectly competitive market products are homogeneous, while in a monopolistically competitive market products are differentiated. C. in a perfectly competitive market there is a large number of sellers, while in a monopolistically competitive market there is a small number of sellers. D. in a perfectly competitive market products are differentiated, while in a monopolistically competitive market products are homogeneous.