Adam Smith believed that if people were free to pursue their own interests,
a. public interest would be served quite well.
b. less would be produced than if altruism were the guiding principle.
c. they would generally apply their talents to unproductive activities that would generate little value to society.
d. they would have little incentive to undertake productive activities.
A
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The catch of American lobster off the shores of New England is regulated using quotas. If the quota is set correctly, then at this quantity, the marginal social cost ________ the marginal social benefit
A) is less than B) is greater than C) is not comparable to D) equals
Everything else held constant, a decrease in the excess reserves ratio causes the M1 money multiplier to ________ and the money supply to ________
A) decrease; increase B) increase; increase C) decrease; decrease D) increase; decrease
Which of the following is true in a market economy?
A. Central planners determine answers to the basic economic questions. B. Resources are used efficiently. C. The distribution of wealth is equal. D. Information for production and distribution decisions pass directly to buyers from the government.
Which of the following arguments for protection is derived from the fact that funding of public goods in some countries is difficult given little or no means to collect income or sales taxes?
A. The developing government argument B. The national defense argument C. The infant industry argument D. The dying industry argument