The wealth of nations is determined by the resources available to a nation and was discussed in 1776 by the famous economist, __________________.
Fill in the blank(s) with the appropriate word(s).
Adam Smith
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Refer to Figure 2-2. The linear production possibilities frontier in the figure indicates that
A) it is progressively more expensive to produce meat. B) Mendonca has a comparative disadvantage in the production of meat. C) the tradeoff between meat and vegetables is constant. D) Mendonca has a comparative advantage in the production of vegetables.
Which of the following provides the strongest evidence that the corporate form of business structure is relatively efficient, particularly when business firms are large?
a. the fact that almost 90 percent of business revenues are generated by corporations b. the fact that individual proprietorships are more numerous than corporations c. the fact that economic theory indicates corporate managers have some leeway to pursue their own interests at the expense of the owners of the firm d. the high salaries of many corporate executives, including some managing firms that are making economic losses
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.PriceQuantityTC$500$10.00$501$20.00$502$27.50$503$77.50$504$147.50$505$250.00According to the table shown, the firm's profit is:
A. maximized at 5 units of output. B. not maximized at any level of output given. C. maximized at 4 units of output. D. maximized at 3 units of output.
Unlimited liability exists when
A) the profits of the firm are taxed once. B) a firm dissolves when the owner dies. C) a corporation exists. D) the personal assets of the owner of a firm can be seized to pay off the firm's debts.