Which of the following goods is likely to have the lowest price elasticity of demand?
A) Life-saving drugs
B) Potato chips
C) Chocolates
D) Decorative flowers
A
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An informal definition of a recession is at least ________ consecutive quarters of declining real GDP.
A. six B. eight C. two D. four
What are economies of scale? What is the main source of economies of scale?
What will be an ideal response?
The textbook defines any business with less than __________ in assets to be "small."
A) $100,000,000 B) $10,000,000 C) $1,000,000 D) $500,000
Which statement is true?
A. Private business firms are illegal in China. B. In China today, there is strict adherence to the communist credo, "From each according to his ability, to each according to his needs." C. Major economic reforms in China in the late 1970s and early 1980s created a much more market oriented economy than a centrally planned one. D. None of the statements are true.