Econ 350 test 7 Study guides, Class notes & Summaries

ECON 705 Mod. 6 Self-Assessment Test with Solutions 1. The ability of a firm to raise its price while still maintaining a certain amount of sales means that the firm Select one: a. produces a complementary good. b. faces perfectly elastic demand for its product. c. produces a perfect substitute for the other products in the industry. 2. All of the following could be a barrier to entry except Select one: a. large economies of scale. b. occupational licenses (e.g., teac...

Liberty ECON 350 Test 7 Answers latest solution 1. Engels thought price fluctuations reflect production among different sectors of the economy, in a way that can lead to 2. According to Marx, “in periods of crises when credit collapses completely … nothing goes any more but _______” 3. The US Constitution made it illegal for the federal government to tax a person’s income. This probation was removed by the 4. The Marxian “law of value” was about 5. Which nation first put into ...

Take Survey Review Test Submission: Test 7 updated solution Question 1 1.5 out of 1.5 points Low tax rates, a limited government, and free markets are all essential to creating wealth. However, none of these factors would meaningful without the rule of law to protect Question 2 1.5 out of 1.5 points The US Constitution made it illegal for the federal government to tax a person’s income. This probation was removed by the Question 3 ...