A characteristic of the linear production function is that?
A. the percentage change in inputs change exceeds output B. output and all inputs change by the same percentage C. the percentage change in output is greater than one D. the percentage change in output is less than one Correct Answer: Option B – output and all...
An economic system in which the producer and the consumer are the same is referred to as a?
A. mixed economy B. subsistence economy C. capitalist economy D. socialist economy Correct Answer: Option B – subsistence economy
The division of labour requires that the task to be performed?
A. must be done in stages B. requires no special knowledge C. is simple but strenuous D. must be undertaken by experts Correct Answer: Option A – must be done in stagesThe world market for crude oil refers to the?
A. total supply by OPEC members B. total demand for and supply of crude oil C. excess crude oil produced in the world D. difference between the supply of and demand for oil Correct Answer: Option BProducts
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