How could Adam Smith's comment about the butcher, the brewer, and the baker be accurately rephrased in modern terms?
A) The butcher, the brewer, and the baker give us our dinner because they want to be well liked in the community.
B) The butcher, the brewer, and the baker give us our dinner because they will be sued if they don't do so.
C) The butcher, the brewer, and the baker give us our dinner because they each earn a living by doing so.
D) The butcher, the brewer, and the baker give us our dinner because they view doing so as a public service.
Answer: C
You might also like to view...
What is the difference between positive and normative economics? How can knowledge of positive economics be useful in normative economics?
The fastest growing money supply since 1970 has been
a. M1 b. M2 c. M3 d. M1 and M3 (approximately the same rate) and not M2 because M2 is part of M3 e. M1, M2, and M3 which, by definition, must grow at the same rate
If Terrell can produce more bagels in one day than Zori can produce in one day, then
a. Terrell has a comparative advantage in the production of bagels. b. Zori has a comparative advantage in the production of bagels. c. Terrell has an absolute advantage in the production of bagels. d. Terrell should produce bagels and Zori should spend her time on a different activity.
If a decrease in the price of good Y causes the demand for good Z to decrease, this indicates that
a. Y and Z are complements. b. Y and Z are substitutes. c. Y and Z are unrelated. d. the demand for Y is elastic, but the demand for Z is inelastic.