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It is (was) ... that (which)




1. It was in this country that a large scale production of synthetic rubber was first organized.

2. It is countries with relatively high wage rates which make the most use of labour-saving machinery.

3. It is the act of spending which influences the prices.

4. It is for this reason that the balance of payments fig­ures are subject to revision in the months following their original publication.

5. It is because the fixed exchange rate puts the official reserves at risk that most governments favour some more flexible system.

The. ..the...

1. The bigger the firm, the greater the opportunity for each worker to specialize in those tasks for which he is best fitted.

2. The greater the degree of complementary, the higher the (negative) value of the cross-elasticity of demand.

3. The greater the output in previous periods, the greater the firm's experience, and hence the greater the fall in cost.

4. In principle the smaller the number of suppliers, the more control they can exercise over prices.

5. The larger the share of output bought by a few firms, the less control will suppliers have over prices.

6. The lower the price, the less likely it is that new firms will attempt to enter the market.

7. The larger the establishment, the greater the oppor­tunities for the specialisation of men and machines.

8. The more independent firms there are in an industry, the greater the competition.

9. The greater the risk associated with any financial decision, the greater the return expected from it.

10. The longer the period for which the money is bor­rowed, the greater the risk of default by the borrower.

11. The higher the bid price, the lower the rate of inter­est which the government has to pay for its borrowed funds.

One

1. In a small country like the UK where there are strong trade unions, one would not expect to find any very great differences in regional wage rates.

2. One cannot draw any conclusions about the effect of a price change unless one knows the cause of the price change.

3. One can see that a fall in price may be associated with an increase or decrease in quantity demanded — it all depends upon what caused the price change.

4. Normally, this period will be a very short one.

5. An increase in the demand for wool by one industry will raise the price and affect the prices of all the other com­modities made from wool.

6. Lead and zinc are found in the same ore so that the extraction of one leads to the extraction of the other.

7. One very important example of this relationship is to be found in the transport industry.

8. Where commodities are in joint supply an increase in the demand for one of them will cause a fall in the price of the other.

9. In a perfect market, there will be one and only one market price which is beyond the control of any one buyer or any one seller.

10. At one time most of world's nickel was obtained from a certain area in the Rockies.

11. One often hears complaints from workers in differ­ent industries that they 'have lost out in recent wage settle­ments'.

12. As one would expect, total output is much greater when the countries specialise.

13. According to many employers older workers are more reliable and loyal than younger ones.


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