________ wrote the Wealth of Nations.
A. Adam Smith
B. David Ricardo
C. Paul Samuelson
D. Karl Marx
Answer: A
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An increase in demand will have what effect on equilibrium price and quantity?
A. Price will increase; quantity will decrease. B. Price will decrease; quantity will increase. C. Both price and quantity will increase. D. Both price and quantity will decrease.
If all of the money currently spent on redistribution in the United States were directly transferred to the poor _____
a. it could turn the hard-core poor into the marginal poor b. it would not turn the hard-core poor into the marginal poor c. it is unclear what the effect would be on the hard-core poor d. the income of the poor would be raised above the current national average
Checkable deposits are:
A. legal tender. B. near-money. C. a medium of exchange. D. token money.
When the supply curve of a resource is vertical, then the return to the resource owner is
A) zero. B) partly economic rent and partly opportunity costs. C) partly economic rent and partly profits. D) pure economic rent.