In The Wealth of Nations, published in 1776, Adam Smith tried to show that
What will be an ideal response?
people often were capable of cooperating effectively even when government policies tried to prevent them from doing so.
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Increasing the capital available to the workforce, holding other factors constant, tends to ________ total output while ________ labor productivity.
A. decrease; increasing B. increase; decreasing C. increase; not changing D. increase; increasing
In August 2008, Ethan Nicholas developed the iShoot application for the Apple iPhone 3G, and within five months had earned $800,000 from this program. By May 2009, Nicholas had dropped the price from $4.99 to $1.99 in an attempt to maintain sales
This example indicates that in a competitive market A) earning an economic profit in the long run is extremely easy. B) economic profits are only earned in the long run. C) earning an economic profit in the long run is extremely difficult. D) it is impossible to earn an economic profit in either the short run or the long run.
Using AD & LRAS explains the business cycle.
a. true b. false
The airline industry is an example of a(n) ________ industry.
A. monopolistic B. perfectly competitive C. oligopolistic D. monopolistically competitive