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.

Recognize the role of elasticity in supply and demand in determining the allocation and pricing of resources.

Understand the concept of pure rent and its relationship to factors of production in fixed supply.

Identify the effects of changes in the value of land use on the supply of land for different purposes.

Appreciate the economic principles underlying the determination of land values and prices in different locations.

---

Definitions:

LCM Approach

The Lower of Cost or Market method, an accounting principle requiring inventory to be recorded at either its historical cost or market value, whichever is lower, to reflect potential losses.

Market Value

An estimation of the price at which an asset or company could be bought or sold in a current market.

IFRS

International Financial Reporting Standards represent worldwide accounting norms that facilitate the creation of financial statements.

GAAP

Generally Accepted Accounting Principles, a set of rules and standards used for financial reporting and accounting.