Adam Smith
A) is responsible for refining the model of supply and demand.
B) is the author of this text.
C) is considered the founder of economics.
D) introduced the concept of ceteris paribus to the discussion of supply and demand.
C
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Falling energy prices could explain rising labor productivity in the 1990s
A. and the 1980s. B. and the 1970s. C. but not the 1980s. D. but not the 1970s.
In order to increase productivity and economic growth, poor nations need
A. A large military. B. Increased consumption. C. A strong dictator. D. Increased capital investment.
Which of the following profit functions exhibits a Cobb-Douglas production function?
A. ? = P × min(2L, 5K) ? 20L ? 35K B. ? = P × (3K + 4L) ? 20L ? 35K C. ? = P × K0.75L0.50 ? 20L ? 35K D. ? = P × (3K0.5 + 4L0.5) 1/0.2 ? 20L ? 35K
Long-run aggregate supply and a country's production possibility curve (PPC)
A. are closely related. B. are examples of microeconomic models. C. have no relationship. D. are inversely related.