While specialization and exchange were very important to Adam Smith in 1776, they have largely lost their importance in the 21st century.
Answer the following statement true (T) or false (F)
False
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The figure above shows Clara's demand for CDs. At a price of $20 for a CD, the value of Clara's total consumer surplus for all the CDs she buys is
A) $40. B) $30. C) $20. D) $4.
If velocity is growing by 2 percent per year and real output is growing 6 percent per year, according to the equation of exchange, in order to maintain stable prices, the money supply would have to: a. grow by 3 percent
b. grow by 4 percent. c. grow by 8 percent. d. grow by 12 percent.
This led to a wide-ranging, and continuing, debate over the best way for government to respond to the recession and its aftermath.
What will be an ideal response?
Weber and Fechner found
A. that the minimally perceptible difference is roughly proportional to the original intensity of the stimulus. B. that it is easier to tell the difference between a 25 and a 50-watt light bulb than it is to tell the difference between a 100-watt bulb and a 300-watt bulb. C. that the minimally perceptible difference is inversely proportional to the original intensity of the stimulus. D. consumers are more likely to drive 10 blocks to save $5 on a $500 television than they are to drive 10 blocks to save $5 on a $25 clock.