If a nation is going to benefit fully from technological advances and entrepreneurial ideas, it must
a. be relatively easy for persons from diverse backgrounds to try out their ideas at a relatively low cost.
b. have a mechanism that will bring unsound projects to a halt.
c. have a central investment authority that will review projects and decide which should be undertaken.
d. be both a and b.
D
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What factors increase potential GDP? Include a definition of potential GDP in your answer
What will be an ideal response?
People under the age of 25 are less likely to be poor than those older than 25
Indicate whether the statement is true or false
When the price of good A is $50, the quantity demanded of good A is 500 units. When the price of good A rises to $70, the quantity demanded of good A falls to 400 units. Using the midpoint method, the price elasticity of demand for good A is
a. 1.50, and an increase in price will result in an increase in total revenue for good A. b. 1.50, and an increase in price will result in a decrease in total revenue for good A. c. 0.67, and an increase in price will result in an increase in total revenue for good A. d. 0.67, and an increase in price will result in a decrease in total revenue for good A.
While monopoly power can be abused, it can also be used beneficially. What are the major pros and cons of largeness in business?
What will be an ideal response?