Which statement was coined by Adam Smith?
A. By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it.
B. The factory owner, by paying his workers meager wages, is able to use this surplus to buy more capital goods.
C. The foundation of the United States' economic system is socialist ownership of the means of production in the form of state property and collective farm and cooperative property.
D. None of these statements were coined by Adam Smith.
A. By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it.
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If the price is $12 per pizza, the perfectly competitive firm in the above figure is
A) making an economic profit. B) making zero economic profit. C) incurring an economic loss. D) More information about the firm's total cost is needed to determine if the firm has a positive economic profit, zero economic profit, or an economic loss.
The "free rider" problem occurs when a good is
a. not available. b. not excludable. c. not depletable. d. not sold in free markets.
Economists use the term ______ to refer to fluctuations in economic activity, such as employment and production
Fill in the blank(s) with correct word
If the opportunity cost of 1 wristwatch is 4 wall clocks in Japan and 2 wall clocks in Germany, it makes sense for Japan to produce wristwatches.
Answer the following statement true (T) or false (F)