Many developing countries were once under colonial rule, a system of government that:?
Answer: offered the local population fewer opportunities to develop entrepreneurial skills.
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Suppose the price of a good rises. When will the resulting substitution effect reduce the quantity demanded of the good?
a. Always. b. Whenever the good is a non-Giffen good. c. Only when the good is normal. d. Only when the good is inferior.
Answer the following statement(s) true (T) or false (F)
1. A competitive industry is a viable alternative to a natural monopoly. 2. Patents have ambiguous welfare consequences because they both create monopoly power and promote inventive activity. 3. The competition among firms to acquire the rights to legal barriers to entry helps to reduce the welfare costs of monopoly. 4. Social gain is lowered when a monopoly begins to practice price discrimination. 5. When a simple profit-maximizing monopoly begins to practice second-degree price discrimination, both consumers and the monopoly will benefit.
The long-run average cost curve is the
A) change in total product divided by the change in capital when the quantity of labor is constant. B) change in output resulting from a one-unit increase in the quantity of capital. C) relationship between the lowest attainable average total cost and output when both the plant size and labor are varied. D) relationship between the lowest attainable average total cost and output when both the plant size and labor are fixed.
The health care system in ________ is referred to as a single-payer health care system, and is a system in which the government provides national health insurance to all residents
A) Canada B) Japan C) the United Kingdom D) the United States