In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, economist Adam Smith argued that individuals
A. are never rational.
B. are motivated by self-interest.
C. always consider the impact of their actions on the welfare of others.
D. always tend to act in an altruistic manner.
Answer: B
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The relative price of a pineapple today in terms of pineapples tomorrow is given by
a. 1 - r b. r c. 1 + r d. 1/(1 + r)
Which statement best describes a command economy?
a. The production of goods and services is determined primarily by markets, but the allocation of goods and services is determined primarily by government b. The production and allocation of goods and services is determined primarily through government c. The production and allocation of goods and services is determined primarily through markets d. The production of goods and services is determined primarily by government, but the allocation of goods and services is determined primarily by markets
Selling a good at a lower price in a foreign country than in the home country is an example of
a. an export subsidy. b. dumping. c. an export barrier. d. None of these.
The costs of unemployment to an individual out of work are larger now than in the 1930s
a. True b. False Indicate whether the statement is true or false