It can be said that ____ laid the foundation for the Industrial Revolution
a. the discovery of the Americas
b. private property rights
c. the invention of the cotton gin
d. the discovery of gold
e. the development of a strong judicial system
b
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Tony notes that an electronics store is offering a flat $20 off all prices in the store. Tony reasons that if he wants to buy something with a price of $50, then it is a good offer, but if he wants to buy something with a price of $500, then it is not a good offer. This is an example of:
A. the proper application of the Cost-Benefit Principle. B. inconsistent reasoning; saving $20 is saving $20. C. inconsistent reasoning because prices are sunk costs. D. rational choice because saving 40% is better than saving 4%.
Plowback refers to the profits management decides to keep and reinvest in the firm’s operations.
Answer the following statement true (T) or false (F)
If a third party pays for an individual to consume a good, how is the decision making of consumers affected? How does this affect the actions of suppliers?
Obstacles that make it difficult or impossible for would-be producers to enter a market are known as:
a) Entry tariffs. b) Entry blockades. c) Monopoly profits. d) Barriers to entry.