The form of property ownership rights inherited from the colonial period was characterized by which of the following?
(a) Property ownership was almost ideal as the base for a free-market economy.
(b) Property ownership established property, including land, as a "commodity" that
could be easily bought and sold.
(c) Property ownership proved to be an excellent vehicle for economic growth.
(d) All of the above.
(d)
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The (false) idea that an industry should be protected because of learning-by-doing until it is large enough to compete successfully in world markets is the ________ argument for protection
A) cheap foreign labor B) infant industry C) dumping D) comparative advantage
What are economies of scale?
a. decreasing average costs as production increases b. increasing average costs as production increases c. increasing fixed costs as production increases d. none of the above