In his book The Wealth of Nations, which famous economist argued that economic activity was directed by an "invisible hand"?
a. Adam Smith
b. Milton Friedman
c. Alfred Marshall
d. David Ricardo
a. Adam Smith
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When firms increase capital stock, the productivity of their workers increases
Indicate whether the statement is true or false
Refer to Figure 2-18. Which two arrows in the diagram depict the following transaction: LaDonna sells 20 pairs of sunglasses at the Oakley store
A) K and G B) K and M C) J and M D) J and G
If the return on capital is less than the cost of capital
A) economic profits are zero. B) accounting profits are zero. C) then accounting profits minus economic profit are zero. D) economic profits are negative.
Which of the following is most likely to benefit from government established price floors in agriculture?
A. low income farmers B. small farmers C. large farm owners and corporate farms D. cattle ranchers