Which one of the following is a key to economic development?
A. the removal of property rights
B. an educated population
C. the preservation of natural resources as means of production
D. a high level of protection against imported products
Answer: B
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The price of one good divided by the price of another good is a
A) money price. B) relative price. C) budget constraint. D) divisible good.
Refer to the above table. Suppose the price of Y rises from $18 to $20. What is the cross price elasticity of demand between Y and Z?
A) -1.7273 B) -1.1176 C) -0.8947 D) +1.7273
If a company picks an organizational architecture that is inappropriate for its marketplace, then
A. technology is likely to rescue the company from bankruptcy. B. the company is unlikely to survive market competition. C. government regulation is likely to cause the company to fail. D. competition is likely to help the company to grow.
What is the difference between economic efficiency and equity?
What will be an ideal response?