In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith described a visit he made to a
a. car factory.
b. pin factory.
c. washing machine factory.
d. farm.
b
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When a tax is imposed on a market:
A. the price the buyer pays is higher than the amount the seller receives. B. the buyers’ equilibrium tax-inclusive price increases and the equilibrium quantity decreases. C. fewer total transactions take place in the market. D. All of these are true.
If the price of a good falls, the marginal utility per dollar spent on that good:
a. also falls. b. stays the same. c. rises. d. will rise or fall, depending on the consumer. e. remains unchanged, provided the consumer buys no more of the good.
The nominal gross domestic product (GDP) for a country was $1,000 in 2003 and $1,500 in 2004 . The GDP price index was 100 in 2003 and 150 in 2004 . Between 2003 and 2004, real GDP _____
a. increased by $500 b. increased by $333 c. increased by $50 d. remained the same e. decreased by $50
The largest expenditure component of GDP is:
A. net exports. B. investment. C. consumption. D. government spending.