Econ 350 test 7 Study guides, Class notes & Summaries
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ECON 705 Mod. 6 Self-Assessment Test with Solutions
- Exam (elaborations) • 9 pages • 2023
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ECON 705 
Mod. 6 Self-Assessment Test with Solutions 
 
 
1.	The ability of a firm to raise its price while still maintaining a certain amount of sales means that the firm 
Select one: 
 
a.	produces a complementary good. 
 
b.	faces perfectly elastic demand for its product. 
 
c.	produces a perfect substitute for the other products in the industry. 
 
 
 
2.	All of the following could be a barrier to entry except Select one: 
a.	large economies of scale. 
 
b.	occupational licenses (e.g., teac...
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Liberty ECON 350 Test 7 Answers latest solution
- Exam (elaborations) • 3 pages • 2020
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Liberty ECON 350 Test 7 Answers latest solution 
1.	Engels thought price fluctuations reflect production among different sectors of the economy, in a way that can lead to 
2.	According to Marx, “in periods of crises when credit collapses completely … nothing goes any more but _______” 
3.	The US Constitution made it illegal for the federal government to tax a person’s income. This probation was removed by the 
4.	The Marxian “law of value” was about 
5.	Which nation first put into ...
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Review Test Submission: Test 7 updated solution
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Take Survey	 
 
 
 
Review Test Submission: Test 7 updated solution 
	 
 
 
 
Question 1 
 
1.5 out of 1.5 points 
 
 
Low tax rates, a limited government, and free markets are all essential to creating wealth. However, none of these factors would meaningful without the rule of law to protect 
 
 
 
 
Question 2 
 
1.5 out of 1.5 points 
 
 
The US Constitution made it illegal for the federal government to tax a person’s income. This probation was removed by the 
 
 
 
 
Question 3 
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