Adam Smith believed that if people were free to pursue their own interests,
A) less would be produced than if government planners were in charge of the economy.
B) they would generally apply their talents to unproductive activities that would generate little value to society.
C) they would have little incentive to undertake productive activities.
D) the public interest would be served quite well.
D) the public interest would be served quite well.
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The U.S. supply curve of dollars is upward-sloping because a:
a. higher number of yen per dollar means Japanese goods are cheaper in Japan. b. higher number of yen per dollar means Japanese goods are cheaper in the U.S. c. lower number of yen per dollar means Japanese goods are cheaper in the U.S. d. none of these.
Suppose a woman has an exterminator treat her house every month but she then marries the exterminator who now performs the service for free. As a result, GDP would
a. increase b. decrease c. not change, because services are not counted in the first place d. not change, as the activity occurred monthly e. not change, because the activity is an intermediate good or service
State and local governments usually finance programs like highways, libraries, hospitals, health care, parks, and police and fire protection
a. True b. False Indicate whether the statement is true or false
The rules established under the General Agreement on Tariffs and Trade (GATT) are enforced by an international body called the World Trade Organization (WTO)
a. True b. False Indicate whether the statement is true or false