The invention of the steam engine ushered in the following developments, except:
A. Mass-production in industrial factories, for the first time
B. Much easier and cheaper transportation of resources and products
C. A sharp reduction in trade as many societies specialized
D. Major population shifts, from farms to towns and cities
C. A sharp reduction in trade as many societies specialized
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A firm that acquires a substitute product can try and reduce inter-product cannibalization by
a. Doing nothing b. Repositioning its product or the substitute so that they do not directly compete with each other c. Pricing each product at the same level d. Raising prices on the low-margin products
Oligopolies would like to act like a
a. duopoly, but self-interest often drives them closer to the perfectly competitive outcome. b. competitive firm, but self-interest often drives them closer to the duopoly outcome. c. monopoly, but self-interest often drives them to charge a higher price than would be charged by a monopoly. d. monopoly, but self-interest often drives them closer to the perfectly competitive outcome.
The inverse dependency ratio is defined as the ratio of:
A. The average number of dependents per head of household B. The working-age population to the number of dependents C. The number of dependents to the number of the total population D. The number of parents and grandparents to the number of children
Poverty is a condition where a person or family does not have the means to:
A. Satisfy all wants B. Save enough for the future C. Earn a stable income D. Meet basic needs