Describe the principal factors that Adam Smith believed contribute to economic growth
These include the size of the economy's labor force, the degree of labor specialization, the size of the
economy's capital stock, and the level of technology.
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The difference between "saving" and "savings" is that
A) saving is done by households and savings by businesses. B) saving is undertaken as a precaution against unemployment and savings are undertaken to increase investment spending. C) savings are the result of past and current saving. D) saving is placed in financial institutions such as banks, while savings are kept at home by people.
A country benefits from trade if it is able to obtain a good from a foreign country by giving up more of other goods than it would have to give up to obtain the good at home
a. True b. False Indicate whether the statement is true or false
Product differentiation allows the firm to
a. raise price and lower quantity demanded b. raise price without suffering a substantial loss of sales c. shift the market demand curve to the left d. shift the market supply curve to the left e. decrease barriers to entry
What are the functions for MC and AC if TC = 20q + 10q2?
A) MC = 20q; AC = 10q2 B) MC = 20 + 20q; AC = 20 + 10q C) MC = 20 + 10q; AC = 10 + 10q2 D) MC = 20 + 20q; AC = 10q