The economist who in 1776 promoted market capitalism was ___________
Fill in the blank(s) with the appropriate word(s).
Ans: Adam Smith
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An individual or country that has a comparative advantage in the production of one good
A) may or may not have an absolute advantage in the good's production. B) must have an absolute advantage in the good's production. C) must not have an absolute advantage in the good's production. D) must not have an absolute advantage in the production of the other good.
The above table depicts prices, quantities, and marginal costs faced by the campus bookstore. At the profit-maximizing level of output, what is the total revenue earned by the store?
A) $12 B) $5 C) $15 D) $6
The calculated price elasticity of demand:
A. is always a negative number, although it is sometimes reported as an absolute value. B. is sometimes negative and sometimes positive, depending on the magnitude of response. C. is always a positive number, because price and quantity are directly related in terms of demand. D. can be positive or negative, but is always reported as an absolute value.
Some economists, called supply-siders, argue that changes in the money supply exert a strong influence on aggregate supply
a. True b. False Indicate whether the statement is true or false