Adam Smith believed that the rich man enjoys his riches primarily because he gets great pleasure from
a. the goods and services he can buy
b. his donations to charity
c. leaving an inheritance to his heirs
d. the attention he gets from others
e. his easy life of leisure
D
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An appreciating yen makes Japanese products
A) more expensive in both foreign markets and the Japanese market. B) more expensive in foreign markets. C) more expensive in the Japanese market. D) less expensive in foreign markets.
Suppose that a country has a comparative advantage in agricultural products. When trade occurs, the nominal and real prices of the agricultural good will:
a. both fall. b. both rise. c. both remain constant. d. The nominal price will fall and the real price will rise.
M1 refers to:
A. Federal Reserve Notes and gold certificates. B. currency held by the public plus checking account balances. C. the largest of the money-supply definitions. D. bank loans.
In the circular flow model,
A. households buy goods and services while firms sell goods and services. Firms obtain labor from households, capital from government, and raw materials from firms. B. households buy goods and services and firms supply goods. Resources are supplied by other firms. C. households demand goods and services that are supplied by firms, while supplying resources that are demanded by firms. D. households demand goods and services which are supplied by firms, and the firms demand resources that are supplied by intermediate firms.