Published in 1776, ________ was written by Adam Smith
A) "The General Theory of Employment, Interest, and Money"
B) "The Communist Manifesto"
C) "The Declaration of Economics"
D) "An Inquiry into the Nature and Causes of the Wealth of Nations"
Answer: D
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Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$.50Friendly Groceries$4.00$2.50What is the value added of Friendly Groceries?
A. $4.00 B. $2.50 C. $1.50 D. $3.50
When an infinite value is placed on human life, policymakers who rely on cost-benefit analysis
a. are forced to pursue any project in which a single human life is saved. b. are likely to make decisions that optimally allocate society's scarce resources. c. would not pursue any public project that would not save human life. d. would be forced to rely on private markets to provide public goods.
In every economy people vie for the economy's rationing device, a process called
A) competition. B) entrepreneurship. C) marginal benefit. D) positive economics.
A rise in net exports shifts the aggregate
a. demand curve inward. b. demand curve outward. c. supply curve outward. d. supply curve inward.