Adam Smith argued that each person in a competitive market is led to promote the
A) efficient use of society's resources, because each person's intention is to make society better off.
B) efficient use of society's resources, even though it is no person's intention to make society better off.
C) inefficient use of society's resources, even though each person's intention is to make society better off.
D) inefficient use of society's resources, because it is no person's intention to make society better off.
B
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________ is the study of economic aggregates and the economy as a whole
A) Ergonomics B) Econometrics C) Macroeconomics D) Microeconomics
Which of the following statements is not correct?
a. Trade allows for specialization. b. Trade has the potential to benefit all nations. c. Trade allows nations to consume outside of their production possibilities curves. d. Absolute advantage is the driving force of specialization.
How do economists define the opportunity cost of producing something?
a. all the options given up when a choice is made b. the value of the best alternative that was not pursued c. the average debt incurred to establish a business d. the financial risk involved in pursuing an opportunity
If Portuguese wines are an inferior good, higher incomes will cause:
A. an increase in the demand for Portuguese wines. B. a decrease in the quantity demanded for Portuguese wines. C. a decrease in the demand for Portuguese wines. D. an increase in the quantity demanded for Portuguese wines.