The father of modern economics who wrote The Wealth of Nations is:
A. Karl Marx
B. John Maynard Keynes
C. Adam Smith
D. Thorstein Veblen
Answer: C
You might also like to view...
The U.S. trade deficit has been mainly caused by:
A. unfair trade restrictions imposed by other countries on imports. B. production of inferior goods in the U.S. C. cheap labor in other countries. D. a low rate of national saving.
Which of the following describes monopolistic competition?
A) homogeneous products B) P = MR = MC C) Advertising plays a key role. D) There is only one seller in the industry.
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.
In which instances will total revenues decline?
A. Price rises and Ed equals .41 B. Price rises and demand is of unit elasticity C. Price falls and demand is elastic D. Price rises and Ed equals 2.47