Adam Smith:
A. is considered the founder of economics.
B. introduced the concept of ceteris paribus to the discussion of supply and demand.
C. is responsible for refining the model of supply and demand.
D. is the author of this text.
Answer: A
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A mixed economy blends private and public elements.
Answer the following statement true (T) or false (F)
Find the natural rate of unemployment from the following data: frictional unemployment = 150, structural unemployment = 200, cyclical unemployment = 225, discouraged workers = 25, underemployed workers = 75, fully employed workers = 850, total population = 2,000
a. 17.5 percent b. 23.3 percent c. 24.6 percent d. 28.8 percent e. 38.3 percent
During a war, a government will often draft people, most of whom are presently employed, into the army. An economist, computing the real cost of the war, would be sure to include which of the following items?
A. The value of the civilian goods no longer produced by the new soldiers B. The cost of feeding and clothing the new soldiers C. The dollar cost of the payroll D. The higher prices of civilian goods due to wartime shortages E. The cost of transporting the soldiers to combat
When government expenditures exceed revenues there is a government budget deficit.
a. true b. false