Adam Smith used the term commercial society to refer to a society in which
A) business interests control the political system.
B) everyone identifies value with price.
C) everyone lives by exchanging.
D) increased income is everyone's principal life goal.
E) people behave without regard for the interests of others.
C
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In the foreign exchange market, which of the following results in a movement along the supply curve of dollars?
A) a change in the expected future exchange rate B) a change in the U.S. interest rate C) a change in the current exchange rate D) None of the above answers are correct.
A market consequence of the establishment of a price floor program is that price will be:
a. too low, and an excess supply will result. b. too low, and a shortage will result. c. too high, and an excess supply will result. d. too high, and a shortage will result. e. below the market equilibrium price.
Which of the following is NOT a factor that determines the price elasticity of demand?
A) the amount that suppliers have made available B) the percentage of a consumer's total budget spent on the good C) the existence of substitutes D) the length of time allowed for adjustments to change in the price of the commodities
The underlying reason of the problem of pollution is
A. a poorly run Environmental Protection Agency. B. greed on the part of producers. C. greed on the part of consumers. D. poorly defined property rights that are expensive to enforce.