Economics - Practice Test | ExamPrepSheets

(A) full employment

(B) the private ownership of the means of production

(C) an absence of monopoly

(D) large-scale production in primary industries

(B) the private ownership of the means of production

(A) homogeneous of degree 2

(B) homogeneous of degree 1

(C) homogeneous of degree zero

(D) non-homogeneous

(B) homogeneous of degree 1

(A) Desire

(B) Want

(C) Quantity, Price and Time

(D) All of the above

(D) All of the above

(A) A situation in which the quantity demanded exceeds the quantity supplied

(B) An increase in the cost of the machinery to produce X

(C) A decrease in the wages of workers employed to produce X

(D) A technology improvement in the production of X

(B) An increase in the cost of the machinery to produce X

(A) Few sellers

(B) A differentiated product

(C) Easy entry into and exit from the industry

(D) All of the above

(A) Few sellers

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