Adam Smith stressed specialization and division of labor as causes of economic growth.
Answer the following statement true (T) or false (F)
True
Smith thought one of the benefits of markets was that they encouraged specialization and division of labor, both of which increased productivity.
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If total costs are $18,000 for the year, and the firm has fixed costs of $12,000, what is the level of the firm's variable costs?
What will be an ideal response?
Explain how a specific tax equal to the marginal harm of pollution can increase or decrease total welfare in a monopoly market
What will be an ideal response?
A decrease in population can be expected to
a. raise land rent b. increase the supply of land c. decrease the demand for land d. increase the demand for land e. decrease the supply of land
One feature of the GATT and now the WTO is that all member nations get the same treatment from their trading partners in terms of trade rules and restrictions. This provision is called:
a. beggar thy neighbor. b. the good neighbor policy. c. rotating obligations. d. most favored nation status.