Which of the following examples would most likely have the highest economic well- being?
a. a country with $30,000 per capita and a 50 hour work week
b. a country with $25,000 per capita and a 40 hour work week
c. a country with $40,000 per capita and a 45 hour work week
d. a country with $40,000 per capita and a 35 hour work week
d. a country with $40,000 per capita and a 35 hour work week
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Based on the figure, the economy is initially in long-run equilibrium at point A. If there is a favorable supply shock that increases potential output and shifts the long-run aggregate supply curve from LRAS to LRAS', then the new long-run equilibrium is reached at point: 
A. B B. D C. E D. C
Adam Smith’s book, one of the first systematic treatments of economics, was entitled
A. The Plan of the Ages. B. The General Theory of Money, Taxes, and Income. C. The Wealth of Nations. D. Principles of Economics. E. Concepts in Moral Philosophy.
If a large number of firms are competing, the market could be
A) perfect competition or monopolistic competition. B) perfect competition or monopoly. C) monopolistic competition or oligopoly. D) monopolistic competition or monopoly. E) oligopoly or monopoly.
When the theory of mercantilism was superseded by the theory of "classical liberalism" of Adam Smith around the time of the American Revolution,
(a) the colonies had shifted toward laissez faire, governmental noninvolvement in the private economy, but the new nation rejected the philosophy of laissez faire. (b) governmental involvement in the private economy persisted in both the colonies and the new nation; the U.S. Constitution adopted the common law from England which sanctioned certain types of governmental involvement. (c) governmental involvement had already been largely abandoned in the colonies and laissez faire was officially adopted by the new nation. (d) government involvement was strong down to the time of the Revolution; it was then abandoned and laissez faire was enshrined in the Constitution and became part of the law of the land.