Who among the following stressed the importance the voluntary exchange as a distinctly human trait?
A. Adam Smith
B. Alfred Marshall
C. John Keynes
D. Karl Marx
Answer: A
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Refer to the scenario above. The average payoff of the bet is:
A) $50. B) $100. C) -$50. D) -$100.
If a firm in a perfectly competitive market faces the cost curves in the graph shown and observes a market price of $10, the firm:
A. can make positive profits by producing more than 43 units.
B. can make positive profits by producing where MC = MR.
C. cannot make positive profits and should shut down in the short run.
D. should continue to operate in the short run, but plan to exit in the long run.
Suppose that U.S. incomes rise relative to British incomes. Then,
a. the dollar will appreciate and the pound will depreciate b. the dollar will depreciate and the pound will appreciate c. the dollar will depreciate and the pound's value will remain constant d. the dollar will appreciate and the pound's value will remain constant e. neither the dollar nor the pound will be affected
Of the following choices, which is the best example of a nation's economic infrastructure?
a. Natural resources. b. Highway system. c. Government. d. Religious and cultural beliefs. e. Population growth rate.