A society with a large unskilled labor force will most likely practice
a. machine-intensive farming methods
b. labor-intensive farming methods
c. machine and labor-intensive farming methods
d. importing food to avoid famine
Ans: b. labor-intensive farming methods
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Under the fixed rate regime foreign countries could hold their dollar exchange rates constant by
A) using tight monetary policy. B) using expansionary fiscal policy. C) negotiating with the central bank of the United States. D) setting their domestic interest rate equal to the U.S. interest rate. E) holding their exchange rates constantly pegged to the euro and yen.
The main goal of antitrust policy is to
A) encourage firms to produce at the MR = demand level. B) regulate natural monopolies. C) prevent the monopolization of industries. D) prevent the nationalization of industries.
Two goods must have infinite cross elasticities to be considered as belonging to the same market
Indicate whether the statement is true or false
Diseconomies of scale occur when
a. average fixed costs are falling. b. average fixed costs are constant. c. long-run average total costs rise as output increases. d. long-run average total costs fall as output increases.