Adam Smith’s book, The Wealth of Nations,
A. Was a critique of Mercantilism
B. Was a product of the Enlightenment.
C. Was philosophically consistent with the Declaration of Independence.
D. All of the above are correct
Answer: D. All of the above are correct
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The figure above shows the demand for fruit snacks. Which movement reflects an increase in income if fruit snacks are a normal good?
A) from point a to point e B) from point a to point b C) from point a to point c D) from point a to point d
The multiplier is the ratio of the
A) change in the equilibrium level of real GDP to the change in autonomous expenditures. B) equilibrium level of real GDP to the change in induced expenditures. C) change in induced expenditures to the change in autonomous expenditures. D) change in autonomous expenditures to the change in the equilibrium level of real GDP.
Your father tells you he earned a salary of $45,000 a year in 1980. This salary figure is the:
A. nominal value of his salary in 1980.
B. real value of his salary in 1980.
C. value of his salary adjusted to 2009 dollars.
D. value of his salary adjusted for inflation.
________ is the expansion of a firm into stages of production earlier or later than those in which it has specialized
a. Economies of scope b. Vertical integration c. Economies of scale d. Bounded rationality