What type of policies did Adam Smith attack in his book, An Inquiry into the Nature and Causes of the Wealth of Nations?
What will be an ideal response?
Mercantilism
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A profit-maximizing firm that uses an efficiency wage and monitors will increase the wage it pays its workers until
A) the worker requires no monitoring. B) the worker receives the market wage and requires full-time monitoring. C) the cost of monitoring the worker equals the efficiency wage. D) the change in the workers' productivity from being monitored times the per time unit cost of monitoring equals one.
In the ________, each firm treats the output of its competitor as fixed and then decides how much to produce
A) Cournot model B) model of monopolistic competition C) Stackelberg model D) kinked-demand model E) none of the above
Suppose the demand curve for aluminum cans is downward sloping, and the cans are produced in a constant cost industry where the firms are price takers. A $.25-per-can tax is levied on aluminum cans. How much will the price of aluminum cans increase in the short run and the long run?
a. short run, $.25; long run, more than $.25 b. short run, less than $.25; long run, $.25 c. short run, less than $.25; long run, more than $.25 d. short run, $.25; long run, less than $.25
The measurement system used by the U.S. government to estimate national income is
A. the GDP deflator. B. the sum of consumption plus investment expenditures. C. the sum of financial transactions, transfer payments and secondhand goods. D. national income accounting.