Adam Smith in The Wealth of Nations argued that
A. the social order needs the guidance of the government's visible hand.
B. society works best when people act in their own interest.
C. society works best when people act unselfishly.
D. society works best when people act as if they were invisible to others.
Answer: B
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The United States' basic economic problem would be solved if
A. everyone were given $500,000. B. the population stopped growing. C. all sickness and disease were wiped out. D. our wants could be satisfied with available resources.
Landon demands more sushi as his income increases. From this we can conclude that, for Landon:
A. sushi is a normal good. B. sushi is an inferior good. C. sushi is a complementary good. D. sushi is a substitute good.
What is the best explanation for why China and India have received so much international interest and foreign investment?
A) Their large populations B) Their geographic location C) Their control over natural resources D) Government incentives provided to foreign firms
Refer to the above figure. What can we say about economic rent?
A. Economic rent equals the area IJK0. B. Economic rent equals the area HJI. C. Economic rent equals the area HJK0. D. There is no economic rent represented in the figure.