?_________ results in slow or absent economic growth.
A. The absence of property rights
B. The absence of democracy
C. Diminishing returns to labor
D. Diminishing returns to capital
Answer: A. The absence of property rights
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Which of the following is not an advantage cost-plus pricing?
A) It leads to profit maximization. B) It could lead to price stability if the industry is made up of identical firms all using the same method of pricing. C) It is an easy method to implement if a firm produces multiple products and has overhead costs that are difficult to allocate to a particular good. D) It is easy to justify price increases when total costs of production increase.
Specialization of labor
a. increases productivity without creating any problems b. reduces productivity, and is usually eliminated by business firms c. can create problems of boredom and repetitive motion injuries d. prevents the introduction of more sophisticated and efficient production techniques e. ignores individual preferences and natural abilities