Adam Smith was an advocate of:
a. a nation maximizing its stock of gold.
b. unrestricted or free trade.
c. mercantilism.
d. the visible hand of public interest.
b
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What determines the demand for a nonrenewable natural resource?
What will be an ideal response?
The ability of diversification to reduce risk
A) is greater the more negatively correlated the two events are. B) is greater the more positively correlated the two events are. C) is greater the more uncorrelated the two events are. D) is greater the more risk averse the individual is.
A business incurs the following costs per unit: Labor $125/unit; Materials $45/unit and rent $250,000/month. If the firm produces 1,000,000 units a month, the total costs equal
a. $125,250,000 b. $170,250,000 c. $125,050,000 d. $170,050,000
If the government set a price floor at $24
A. there would a temporary surplus, then prices would fall to equilibrium.
B. there would be a permanent surplus, at least until the price floor was lifted.
C. the price floor would not have any effect on this market.
D. the price would rise to the equilibrium price.