Adam Smith noted that people are adept at which of the following?
A. Confusing themselves if given the chance.
B. Proving the truth of “Murphy’s Law.”
C. Denying themselves for the sake of others.
D. Pursuing their own self-interest.
E. All of the responses are correct.
Answer: D
You might also like to view...
In Econland autonomous consumption equals 700, the marginal propensity to consume equals 0.80, net taxes are fixed at 50, investment is fixed at 100, government purchases are fixed at 100, and net exports are fixed at 40. Aggregate expenditure equals
A. 900 + 0.80Y. B. 940 + 0.80Y. C. 990 + 0.80Y. D. 990 + 0.20Y.
In graphing the Solow growth model, the per-person production function is used to derive the ________ per-person line, with the vertical distance between them being ________ per person
A) national saving, investment B) national saving, consumption C) steady-state investment, capital D) steady-state investment, depreciation E) steady-state investment, national saving
If a central bank is independent,
a. it has the ability to alter taxes. b. it allocates savings to firms. c. it restricts trade to increase domestic employment. d. it operations are not controlled by the political process.
Henry Ford’s use of mass-production techniques to produce cars faster and cheaper illustrates how ______.
a. production innovations can create economies of scale b. problems set in when manufacturing increases quickly c. assembly lines removed the need for a large workforce d. an increasing output level raises the average total cost