Which of the following statements is true?
A. Karl Marx coined the term "the invisible hand."
B. Adam Smith wrote Das Kapital.
C. Karl Marx believed the state would eventually wither away leaving a worker's paradise.
D. Adam Smith believed that individuals unselfishly pursue the public good.
C. Karl Marx believed the state would eventually wither away leaving a worker's paradise.
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The concept of opportunity cost is illustrated by: a. a movement from the interior of the production possibilities curve to the frontier
b. a movement from the production possibilities curve to its interior. c. a movement from a point on the production possibilities curve to the northeast. d. a movement along the production possibilities curve, as production of one good falls in order to increase production of another.
In the days before electronic market transactions, if only a few people had ready access to exchange-rate information, such as knowing the latest on euros per dollar or dollars per Mexican peso, then there was the possibility for
a. market forces to create fixed exchanged rates b. government fixing exchange rates c. arbitrage d. exchange rate controls e. unintentional trade deficits
In the short-run, a firm's supply curve is equal to the
a. marginal cost curve above its average variable cost curve. b. marginal cost curve above its average total cost curve. c. average variable cost curve above its marginal cost curve. d. average total cost curve above its marginal cost curve.
The economic incentive for price discrimination depends on:
A. a desire to evade antitrust legislation. B. differences among buyers' demand elasticities. C. differences among sellers' costs. D. prejudices of business managers.