Who among the following stressed the importance the voluntary exchange as a distinctly human trait?
A. Adam Smith
B. Alfred Marshall
C. John Keynes
D. Karl Marx
Answer: A
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Gregory is considering attending a concert with a ticket price of $40. He estimates that the cost of driving to the concert and parking there will add an additional $20
In order to attend the concert, Gregory will have to take time off from his part-time job. He estimates that he will lose 5 hours at work, at a wage of $8 per hour. Gregory's opportunity cost of attending the concert equals A) $80. B) $100. C) $40. D) $60. E) $20.
In order to reduce or eliminate a chronic shortage in the market for a currency under a fixed exchange rate system, we must devalue the currency
Indicate whether the statement is true or false
Employing the New Keynesian concepts of "macroeconomic externality" and "coordination failure":
if nominal aggregate demand and marginal cost fall by the same proportion, society ________ afford to compensate firms for the profit they lose when they ________. A) can, bear the menu costs of changing prices B) can, hold prices constant C) cannot, bear the menu costs of changing prices D) cannot, hold prices constant
Elena Johnson owns 100 shares of Funky Foods, which has 100,000 shares of stock outstanding. Funky Foods is expected to earn $1 million in after-tax profits every year forever. The interest rate is 5 percent (0.05) per year. According to the principle of asset valuation, what is the value of Elena's shares?
a. $200,000 b. $10,000 c. $20,000 d. $100,000 e. $2,000