Adam Smith's notion of the invisible hand served as the foundation of
a. mercantilist thought.
b. the philosophy of protectionism.
c. the liberal economic thought of the nineteenth century
d. the neo-Marxian tradition.
e. none of the above.
C
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As measured, GDP omits which of the following?
i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services A) i and ii B) ii and iii C) i only D) i, ii, and iii E) i and iii
If a firm enjoys economies of scale, _____.
(A) Its average total cost will increase as production increases. (B) Its total costs will decrease as production increases. (C) Its average total cost will decrease as production increases. (D) Its marginal revenue will increase as production increases.
Which is the best example of specialization?
A. a firm that produces both pet food and cooking oil B. a person whose job includes accounting, personnel, and maintenance tasks C. a high school math teacher who teaches only algebra D. a high school math teacher who teaches algebra and calculus
What are the terms of exchange and how are these terms related to the price?
What will be an ideal response?