Who said this statement? "If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it from them with some part of the produce of our own industry, employed in a way in which we have some advantage."
A. Adam Smith
B. Fredric Bastiat
C. Murray Weidenbaum
D. Joel Kurtzman
A. Adam Smith
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The process of money creation by the banking system is limited, in part, by the
A) Comptroller of the Currency. B) number of depositors. C) laws passed each year by the U.S. Congress. D) desired reserve ratio. E) number of banks.
Economic rent is broadly defined as
A) a payment received by a landowner. B) a payment for the use of any resource that has a fixed supply. C) the return to owners of farmland. D) the dividend return on a share of stock.
What could be a reason for a rising inflation rate?
a. A decrease in government spending b. A supply shock that shifts the aggregate supply curve downward c. Unemployment below the natural rate d. Growing consumer pessimism e. A negative spending shock
The De Beers Diamond company advertises heavily to promote the sale of all diamonds, not just its own. This is evidence that it has a monopoly position to some degree
a. True b. False Indicate whether the statement is true or false