According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development.
B. a sufficient condition for development but not a necessary condition.
C. a necessary condition for development but not a sufficient condition.
D. neither a necessary nor a sufficient condition for development.
Answer: C
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Natural monopolies have U-shaped cost curves.
A. True B. False C. Uncertain
The best economic theory is the one
a. whose assumptions most closely match reality b. that yields the most accurate predictions c. that most simply represents reality d. that most closely matches the conscious behavior of economic decision makers e. that includes the most details
To abstract from reality in an economic model means that
a. we include only a few of the essential aspects of reality b. the economic study surveys only a very limited period of time c. we include only those elements that support our hypothesis d. the model includes every aspect of the real world e. the model examines the actions of consumers in the absence of producers and the government
A mixed economy
a) allocates resources according to supply but not demand. b) allocates resources according to demand but not supply. c) allocates resources according to demand and supply. d) allocates resources according to market forces and government intervention.