The late business historian Alfred Chandler blamed Britain's competitive difficulties in the early twentieth century on:
a. the structure of the firms.
b. the removal of trade barriers.
c. the lack of innovation.
d. inefficient transfer of information within firms.
A
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The concept of opportunity cost in a fully employed economy with technology and resources held constant tells us that
A. expansion of output in one industry means expansion cannot occur in another industry. B. expansion of output in one industry means output in another industry must contract. C. output cannot be increased in any industry. D. output of all industries must contract until more resources are found.
Average total costs are total costs divided by
A) total output. B) total fixed costs. C) total variable costs. D) the total number of workers employed.
Economic theory would anticipate that labor market distortions would reduce employment. Why isn't there greater evidence of this in developing countries?
What will be an ideal response?
The noise inflicted on bystanders by users of chain saws, lawn mowers, and motorcycles is an example of
a. a positive externality b. a public good c. nonexcludability d. marginal private benefit exceeding marginal social benefit e. marginal social cost and the free-rider problem