Historians of economic thought often describe ________ written by ________ and published in ________ as the first real exposition of an economic model
A) "Of the Balance of Trade," David Hume, 1776
B) "Wealth of Nations," David Hume, 1758
C) "Wealth of Nations," Adam Smith, 1758
D) "Wealth of Nations," Adam Smith, 1776
E) "Of the Balance of Trade," David Hume, 1758
E
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Which of the following is a difference between an oligopoly model with homogeneous products and a monopoly?
A) Firms in an oligopoly with homogeneous products earn positive economic profits in the long run, while a monopoly earns zero economic profits in the long run. B) Firms in an oligopoly with homogeneous products face stiff competition from its rivals, while there is no competition in a monopoly. C) There are huge barriers to entry in an oligopoly with identical products, while there are no barriers to entry in a monopoly. D) Firms in an oligopoly with identical products charge a price higher than marginal cost in the long run, while a monopoly charges a price lower than marginal cost in the long run.
The table below shows the weekly demand for hamburger in a market where there are just three buyers. PriceBuyer 1 Qd 1Buyer 2 Qd 2Buyer 3 Qd 3$6746597841510123211516 At a price of $6, the weekly market quantity demanded for hamburger is
What will be an ideal response?
If a firm perceived that the other firm in an implicit pricing agreement dropped its price in an attempt to gain market share, then its most likely response would be to:
A. merge with the other firm. B. engage in a price war. C. raise price to punish the other firm. D. keep its price the same.
What is the new common currency used by many members of the European Union?
A. Pound B. Eurodollar C. Euro D. Mark