Adam Smith's book, Wealth of Nations was published at the time of the
U.S. Declaration of Independence
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All else equal, when oil prices decrease, people are ________ to look for oil substitutes. This will ________ the number of years it will take to deplete the stock of oil
A) discouraged; increase B) discouraged; decrease C) encouraged; increase D) encouraged; decrease
If good X is a normal good and its price rises, then quantity demanded
a. may or may not fall. b. will always fall. c. will always rise. d. will remain unchanged.
A firm's opportunity cost of using resources provided by the firm's owners is called:
a. sunk costs. b. fixed costs. c. explicit costs. d. implicit costs. e. entrepreneurial costs.
The calculation of GDP does not account for the following:
a. Value of goods and services b. ?? c. ?? d. Value of the investment e. Both b and c