Modern economics as a field of study is usually thought to have begun with
a. Adam Smith and the writing of The Wealth of Nations.
b. David Ricardo and the writing of The Principles of Political Economy and Taxation.
c. Aristotle and the writing of Politics and Ethics.
d. Moses and the Ten Commandments.
A
You might also like to view...
The perfect substitution of two inputs implies that
A) two inputs can be substituted at a ratio of 1 to 1. B) one input can be substituted for another up to some point. C) two inputs can be substituted at some constant ratio. D) one input can be substituted for another.
Many ecologists argue that several species of whales are close to extinction. If this is TRUE, the reason is
A) inadequate enforcement of international laws. B) whales are a type of common property. C) the marginal benefit of hunting and killing a whale is greater than zero. D) whale-killing technology is too productive.
A doorknob manufacturer sells 400 doorknobs at a price of $10 each. It has total costs of $4,500, of which $700 are fixed costs. This means the firm
a. has an economic profit of $500 b. should produce in the short run at a loss c. should shut down in the short run d. has total variable costs of $500 e. has price less than average variable cost
A rightward shift of the supply of loanable funds curve leads to a lower equilibrium interest rate
a. True b. False Indicate whether the statement is true or false