?_________ results in slow or absent economic growth.
A. The absence of property rights
B. The absence of democracy
C. Diminishing returns to labor
D. Diminishing returns to capital
Answer: A. The absence of property rights
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In the short run, a perfectly competitive firm's most profitable level of output is where:
a. marginal cost exceeds marginal revenue. b. total revenue is at a maximum. c. marginal cost equals marginal revenue. d. All of these.
Gross domestic product is
What will be an ideal response?
Which of the following describes a situation in which demand must be elastic?
A. Total revenue increases by 15 percent when the price of corn dogs rises by 15 percent. B. Total revenue increases by less than 15 percent when the price of corn dogs rises by 15 percent. C. Total revenue decreases by more than 15 percent when the price of corn dogs rises by 15 percent. D. Total revenue increases by $15 when the price of corn dogs rises by $15.
In a market system, what provides individuals the information needed to make decisions?
A. insurance B. prices C. patents D. government