An Autocracy Exists When

question 41

Multiple Choice

An autocracy exists when

• A) the government is controlled by a single individual.
• B) the government is controlled by a small but powerful group of people.
• C) the constitution of a government is followed strictly.
• D) the government is controlled by one dominant religious group.
• E) citizens play a significant part in government by electing key public officials.

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Definitions:

Unit Elasticity

Describes a scenario in demand or supply where the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Total Revenue

The total income generated by a firm from its sales of goods or services, calculated as quantity sold times price.

Elastic

A term used to describe a situation where the demand or supply for a good or service significantly changes in response to a change in price.

Inelastic

Describes a situation in demand or supply where the quantity demanded or supplied changes by a smaller percentage than the changes in price.