Classical economics refers to an era in the history of economic thought that stretched from about
A) 1750 to the early 1900s.
B) 1935 to the 1970s.
C) 1800 to the mid 1900s.
D) 1600 to the mid 1800s.
A
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Why are property rights so important for markets?
A. Property rights allow companies to have a monopoly. B. Without property rights there are few incentives to improve, create, or build something, because you cannot legally trade it. C. Property rights force others to pay you more for the good or service. D. Those who have property rights are more likely to create more because they will get more money in the market.
If the real interest rate is greater than the nominal interest rate in an economy:
A) inflation must be negative in the economy. B) inflation must be positive in the economy. C) inflation must be zero in the economy. D) the nominal interest rate must be equal to zero.
Which of the following would contribute to a sustained high rate of economic growth in the long run in an economy?
A) an influx of immigrant labor into an economy without any accompanying technological change B) a shift of workers in the economy from the agricultural sector to the nonagricultural sector C) increases in labor force participation rates as workers who are out of the labor force pursue rising wages D) growth in capital per hour worked accompanied by technological change
Refer to Scenario 5.3. The expected revenue from all three companies combined is
A) $11 million B) $17.9 million. C) $25.5 million. D) $29.5 million. E) $48 million.