Adam Smith believed that the best way to promote the public interest was to
A. have the government produce most goods and services.
B. let people pursue their own selfish interests.
C. wait for individuals to set out to promote the public interest.
D. get rid of the price mechanism.
B. let people pursue their own selfish interests.
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All else being equal, if the price of a product decreases, we would expect
A. quantity supplied to increase. B. demand to increase. C. quantity supplied to decrease. D. supply to decrease.
A permanent increase in demand ______ economic profit in the short run and some firms will ____ in the long run
A. does not change; exit the market B. increases; enter the market C. increases; raise their price D. does not change; advertise their good
Economic growth is represented by a:
A. leftward shift of a production possibilities curve. B. rightward shift of the long-run aggregate supply curve (LRAS). C. horizontal long-run aggregate supply curve (LRAS). D. downward shift of an aggregate production function.
The chief difference between the M1 and M2 measures of the money supply is:
A. M2 includes assets with a lower liquidity than those in M1. B. M1 is a broader, more comprehensive measure. C. the supply of M1 exceeds the supply of M2. D. M2 excludes currency.