According to Adam Smith, individual self-interest
a. is a powerful force for economic progress when it is directed by competitive markets.
b. is a powerful force for economic progress when individuals are wisely directed by a strong central government.
c. is a major factor in retarding the economic progress of humankind.
d. could be either a positive or negative force for economic progress, depending on the moral influences of political leaders.
A
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Which of the following is true of long-run equilibrium in a perfectly competitive market? a. At the profit-maximizing price, average total cost is at its lowest
b. At the profit-maximizing price, marginal cost is at its lowest. c. At the profit-maximizing price, average total cost is rising. d. At the profit-maximizing price, average total cost exceeds marginal cost.
Which one of the following is part of our money supply?
A. Gold B. A credit card C. NOW accounts D. A personal check
Define the following terms and explain their importance to the study of macroeconomics:
a. open economy b. closed economy c. budget deficits and trade deficits d. international capital flows
Which of the following are factors of production?
A. Implicit and explicit costs. B. Productivity. C. Land, labor, capital, and entrepreneurship. D. Output in a production function.