All of the Following Are Factors That Raise Economic Development

question 79

Multiple Choice

All of the following are factors that raise economic development EXCEPT

• A) establishing a legal system.
• B) an educated work force.
• C) reducing trade barriers.
• D) government control of the country's resources.

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Definitions:

Unit Elastic

A situation where a one percent change in price leads to an exactly one percent change in the quantity demanded or supplied.

Profit Maximizing

The process or strategy of setting production levels or prices to achieve the highest possible profit given production costs and market conditions.

Price

The amount of money required to purchase a good, service, or asset.

Green Ink Pads

Small, flat surfaces soaked with green ink used for stamping or printing purposes.