A characteristic of the market system is:
A. frequent use of price controls.
B. low interest rates.
C. extensive use of capital goods.
D. frequent use of barter.
Answer: C
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Compared to First World countries, developing countries would have _____
a. a higher life expectancy b. higher productivity rates c. lower education levels d. lower birthrates e. a higher rate of private investment
Patent and copyright laws encourage
a. creative activity. b. lower prices due to decreasing average total costs. c. competition among firms. d. All of the above are correct.
What is the difference between comparative advantage and absolute advantage?
What will be an ideal response?
Using the concentration ratio to measure the degree of competition
A. may overstate the degree of competition because it ignores imported goods. B. may overstate the degree of competition because inter-industry competition is ignored. C. may understate the degree of competition because it ignores imported goods. D. may understate the degree of competition because market share changes annually.