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.
Answer: C
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The ________ states that in an ordinary election between two candidates, the candidates will position themselves in such a way that their platforms reflect the views of the voter in the middle
Fill in the blank(s) with correct word
One reason that firms will experience decreasing returns to scale is:
A. the law of diminishing marginal returns. B. the specialization of inputs as scale increases. C. there is some fixed input that isn't being taken into consideration. D. larger firms may be easier to manage effectively.
Price indexes like the CPI are calculated using a base year. The term base year refers to:
A. the first year that price data are available. B. any year in which inflation was higher than 5 percent. C. the most recent year in which the business cycle hit the trough. D. an arbitrarily chosen reference year.
An upward-sloping yield curve suggests that financial market participants expect short-term interest rates will
A) rise in the future. B) fall in the future. C) be unstable in the future. D) not change in the future. E) be equal to zero in the future.