Which economist developed the concept of the invisible hand?
a. John Maynard Keynes
b. Adam Smith
c. Karl Marx
d. Milton Friedman
b. Adam Smith
Adam Smith developed the concept of the invisible hand.
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The costs associated with the negotiation and enforcement of an agreement are
A) property costs. B) resource factor costs. C) transaction costs. D) attorney fees.
In general, the demand for a product is more elastic in the long run than in the short run.
Answer the following statement true (T) or false (F)
Your boss explains to you that the total fixed costs of the company are $1 million. He also informs you that each unit of production will cost twenty five cents more with each 100-unit increase
He has asked you to draw the fixed costs of the company with costs on the vertical axis and quantity of goods sold on the horizontal axis. Without drawing a graph tell your boss what the graph will look like using words. What information did your boss give you that you didn't need in order to draw the graph?
Suppose Chevrolet produced 90,000 Camaros in the United States in 2012 and during 2012 sold 69,000 to U.S. customers and exported 14,000 to foreign buyers. The remaining Camaros were sold to U.S. customers in 2012
How many of these Camaros would count as a part of U.S. GDP in 2012? A) 69,000 B) 76,000 C) 83,000 D) 90,000