Which of the following is a possible reason for there being so few firms in oligopoly market structures?
a. easy to enter or exit the industry
b. economies of scale
c. differentiation of the product
d. none of the above are reasons for so few firms in an oligopoly
b
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If society decides it wants more of one good and ________, then it has to give up some of another good and incur some opportunity costs
A) new resources are discovered B) all resources are fully utilized C) technology advances D) resources are underutilized
An economic system answers the ________, ________, and _________ questions
a. when to produce, where to produce, why we should produce b. wealth, greed, power c. money, markets, the business cycle d. what to produce, how to produce, for whom to produce
Who was one of the first proponents of employing market economies instead of command economies?
a. Robert Heilbroner. b. Karl Marx. c. Jeffrey Sachs. d. Adam Smith.
The average annual rate of population increase in the Philippines from 2000 to 2010 was about 2 percent. Based on this rate of growth, the population of the Philippines will double in about:
A. 7 years B. 11 years C. 35 years D. 46 years