Adam Smith believed all of the following EXCEPT
A. never attempt to make at home what it will cost more to make than to buy.
B. what makes sense in the conduct of a private family's economic endeavors also makes sense in those of a nation.
C. a nation will gain if its citizens trade among themselves, but it will probably lose if it trades with other nations.
D. specialization and exchange benefited both individuals and nations.
C. a nation will gain if its citizens trade among themselves, but it will probably lose if it trades with other nations.
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The major coordination tasks can be summarized with the questions
A. who, what, when, where. B. how, what, for whom. C. how, what, why. D. how, why, for whom. E. who, how, what.
Refer to Figure 18-2. If the government imposes an excise tax of $1.00 on every unit sold, the government's revenue from the tax
A) is larger if the supply curve is S0. B) is identical under either supply curve. C) is larger if the supply curve is S1. D) is not maximized.
In the long run,
a. the Phillips curve is upward sloping. b. the Phillips curve is downward sloping. c. monetary policy can influence the unemployment rate. d. monetary policy cannot influence the unemployment rate. e. the Phillips curve is horizontal.
GDP per capita can be summarized to be:
A. a measure of average well-being in a country. B. the best measure of well-being for all citizens inside a country C. a gauge of the direction an economy when we examine GDP changes over one year. D. the measure of value of all activity inside a national economy.