Adam Smith wrote that the:
a. economic problems of eighteenth-century England were caused by free markets.
b. government should control the economy.
c. pursuit of private self interest promotes the public interest in a market economy.
d. public or collective interest is not promoted by people pursuing their self interest.
c
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Due to consumer demand, a candy manufacturer has decided to boost production of caramel chews. This action answered which basic economic question?
a. How will the goods and services be produced? b. Who will get the goods and services? c. What is the best method of production? d. What goods and services will be produced?
Which of the following are factors of production?
A. Implicit and explicit costs. B. Productivity. C. Land, labor, capital, and entrepreneurship. D. Output in a production function.
In the above table, the firm
A) must be in a perfectly competitive market because its marginal revenue is constant. B) must be in a perfectly competitive market because its marginal cost curve eventually rises. C) cannot be in a perfectly competitive market because its short-run economic profits are greater than zero. D) cannot be in a perfectly competitive market because its long-run economic profits are greater than zero.
If the exchange rate is 12.5 pesos per U.S. dollar, it is also 1/12.5 U.S. dollars per peso
a. True b. False Indicate whether the statement is true or false