According to Adam Smith, what is the primary source of a nation's wealth?
a. The amount of gold and silver in the government's possession.
b. A spirit of cooperation in which people share according to their means.
c. Strong central planning authorities.
d. The people's ability to produce products and trade in free markets.
d
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During the year a country's income was $6.0 trillion and its consumption was $5.5 trillion. At the start of the year its wealth was $30.0 trillion. The country's wealth at the end of the year was
A) $36.0 trillion. B) $35.5 trillion. C) $30.0 trillion. D) $6.0 trillion. E) $30.5 trillion.
Which of the following advertising statements could be considered greenwashing?
A) "Made of only recycled materials" B) "Our lasagna is made with love." C) "100 percent money back guarantee" D) "Guaranteed to make you want to dance!"
Which of the following is a transactions account?
a. Currency b. Travelers' checks c. A savings account d. A credit card balance e. A demand deposit
Diminishing marginal returns implies that firms:
A. require fewer and fewer workers to produce each additional unit of output. B. require more and more workers to produce each additional unit of output. C. get decreasing amounts of revenue for each unit of output they produce. D. get increasing amounts of revenue for each unit of output they produce.