A person will do more good pursuing his own self-interest than if he consciously set out to promote the public good was the view of
A. Karl Marx.
B. John Maynard Keynes.
C. Mikhail Gorbachev.
D. Adam Smith.
D. Adam Smith.
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According to classical growth theory, people earn only a subsistence real income because of growth in
A) technology. B) employment. C) population. D) labor productivity. E) capital.
What is the "unit of account" function of money?
a. A common measurement of the relative value of different goods and services. b. The ability of money to hold value over time c. The quality of money not to be hoarded because of its commodity value. d. The function of money to be widely accepted I exchange for goods and services.
Raiman's Shoe Repair also produces custom-made shoes. When Mr. Raiman produces 12 pair a week, the MC of the twelfth pair is $84, and the MR of that unit is $70 . What would you advise Mr. Raiman to do?
a. shut down b. produce more custom-made shoes c. stay at 12 pairs a week d. produce fewer custom-made shoes e. decrease price
You graduate from law school and can now begin charging clients fees for your time. What impact will this have on your demand for money?
A. Your increased income will likely cause your demand for money to increase B. Your opportunity cost of making trips to the bank will decrease C. Your demand for money will not be affected D. Your increased income will likely cause your demand for money to decrease