All of the following are listed in the text as being keys to economic development EXCEPT
A) a system of property rights. B) an open economy.
C) an educated population. D) a higher level of protectionism.
D
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Refer to Figure 2-5. If the economy is currently producing at point W, what is the opportunity cost of moving to point Y?
A) 2 million tons of paper B) 14 million tons of steel C) 9 million tons of paper D) 2 million tons of steel
A monopoly incurs a marginal cost of $1 for each unit produced. If the price elasticity of demand equals -2.0, the monopoly maximizes profit by charging a price of
A) $1.00. B) $1.50. C) $2.00. D) $3.00.
Mutual interdependence among firms in an oligopoly means that:
a. firms never practice price leadership. b. firms never form a cartel. c. it is difficult to know how firms will react to decisions of rivals. d. no formal agreement is possible among firms.
Which of the following is a likely consequence of a price ceiling that fixes the price of rental housing below the market equilibrium?
a. It will be difficult to find housing for rent. b. More new apartments will be built. c. Some rental apartments will be converted into offices or sold for other uses rather than be rented. d. All of the above are true. e. Both a and c are correct.